Dogecoin Drops 20 Percent After Elon Musk’s Tweet

Taking a break from memes, Tesla CEO Elon Musk criticized Dogecoin’s distribution of wealth in a recent tweet.

The billionaire says whales are the only “real problem” he has with the glorified meme coin he recently helped push.

Hence, Musk encourages the top Dogecoin owners to liquidate their holdings to make the cryptocurrency more democratic:

If major holders of Dogecoin sell most of their coins, it will have my full support. Too much concentration is the only real problem.

The Co-Founder of Dogecoin Wasn’t a Whale

Dogecoin co-founder Billy Markus—who started the cryptocurrency purely as a joke—recently published a letter on Reddit, in which he questioned surrounding his creation:

People talk about Dogecoin going to make $1 – it will make a bigger “market cap” than actual companies providing services to millions, like Boeing, Starbucks, American Express, IBM. Does Dogecoin deserve it? It wasn’t something I could understand, much less answer.

However, he also said that people can value coins any way they want, and their intrinsic value is not something he can define.

Markus himself sold all of his crypto in 2015 after being fired from his job and buying a used Honda Civic.

I currently don’t own any Dogecoin except what I have been told recently, I gave and/or sold all the crypto I owned in 2015 after being laid off and scared of my dwindling savings by then, approx. in total to buy a used Honda Civic.

Leave a Comment