Elon Musk calls for whalesElon Musk wants to make the Dogecoin cryptocurrency "the currency of the internet". He said that for this, large Dogecoin holders will buy their Dogecoin.
Over the past month Amazon founder Jeff Bezos, SpaceX, the world's wealthiest man, and Tesla CEO Musk posted several tweets targeting crypto whales stocking large amounts of Dogecoin.
According to Musk, who previously suggested that the "cryptocurrency of the people" could be the official currency on Mars, these big owners are the only thing standing in the way of Dogecoin becoming the main currency.
“If the big Dogecoin holders sell most of their coins, they will get my full support. The only real issue is too much concentration, ”Analysis of digital wallets reveals that just one person owns more than a quarter of the 128 billion Dogecoin (DOGE) tokens in circulation. Just over 36 billion Dogecoin balances are worth over $2 billion at today's prices.
"If they cancel their account, I'll literally pay real $."
Responding to Elon Musk's tweets, a Dogecoin advocate wrote: “The whales will have to think about Elon's ultimatum here. If they fit, Dogecoin becomes the currency of the internet. If they 'cheat' by distributing their money across multiple wallets, then they will lose Elon's support. The easy decision for whales. Doing the right thing".
Musk responded to this tweet by writing" Yes… low for now, higher in the long run".
How did Dogecoin reach this level?Dogecoin's recent price increase rose from below $0.01 at the beginning of the year to over $ 0.08 last week. It has dropped to $0.06 since last week. Despite this, it continues to be the 13th most valuable cryptocurrency in the world with a market value of close to $8 billion.
Its price rose in part, thanks to Tesla's investment of $1.5 billion in a cryptocurrency and tweets shared by Elon Musk.
"The funniest outcome is usually the most likely, "Musk said in the last Q&A session on the Clubhouse app. "Probably the most fun and ironic result will be that Dogecoin will become the currency of the Earth in the future".
Online stores that accept payment with cryptocurrencies are increasing. Dogecoin has to go a long way to become a payment method in these stores.