Why does Elon Musk want people to sell their dogecoin stock now?

Here we go againAnother Elon Musk tweet has sent the price of dogecoin through the doge sphere. Weft

Billionaire Tesla CEO Elon Musk urged dogecoin’s largest owners to sell most of their holdings as he expressed concern about a small number of people hoarding too much of the cult cryptocurrency. “If major dogecoin holders sell most of their coins, that will receive my full support,” Musk said on Twitter Sunday evening Feb. 14. “Too much concentration is the only real problem. [in my opinion]

“I’ll literally pay real $ if they just void their accounts,” Elon Musk added in a message from early February 15. Musk’s first tweet seemed to trigger another wild movement in the price of dogecoin, a meme-inspired digital currency started as a joke.

Crypto madness

The price initially jumped in the minutes following Musk’s tweet, but later dropped to about 4.8 cents on February 14, down about 45 percent from its all-time high of 8.7 cents it hit last week. according to CoinDesk. data. The coin then cut losses on Monday morning, trading at about 5.8 cents each from 7:18 a.m., down 6.5 percent from the day before, with a market value of about $ 7.5 billion.

Retail investors have the price of dogecoin pumped up recently, based on their directions from Musk. Tesla’s CEO has tweeted about dogecoin several times over the years. The Dogecoin resurgence has also been linked to the enthusiasm of a Reddit group called SatoshiStreetBets. Like the WallStreetBets group that contributed to the recent GameStop rally, SatoshiStreetBets is looking to drive up the prices of cryptocurrencies.

The episode is similar to the crypto craze of late 2017, when bitcoin’s price skyrocketed to nearly $ 20,000, before plunging to nearly $ 3,000 the following year. Multiple celebrities had hyped crypto in 2017, with some endorsing a controversial form of crowdfunding known as a ‘first coin offering’.

Pump up crypto

Musk has made a number of recent tweets about dogecoin. Just two days after saying he planned to take a break from Twitter “for a while,” Musk returned, posted dogecoin memes, and called the token “the crypto of the people.”

Elon Musk has been joined by the likes of Snoop Dogg & Kiss singer Gene Simmons in posting tweets in support of dogecoin. Snoop Dogg, whose real name is Calvin Cordozar Broadus Jr. is, tweeted to Musk with a parody of one of his albums. The words on the album cover are replaced with “Snoop Doge”, while the image of the doge covers the rapper’s face.

Simmons – whose real name is Gene Klein – has actively promoted dogecoin to his followers by tweeting popular crypto slang phrases such as ‘HODL’ and ‘to the moon’. The rocker said he had made a “six figure” investment in dogecoin and owns other cryptocurrencies, including bitcoin.

Last week this time

Elon Musk also claimed last week that he bought some dogecoin for his infant son, X Æ A-Xii, two days after Tesla revealed it had invested its corporate treasury in bitcoin. More recently, Musk posted a photo of a fictional magazine “Dogue” – a play about the fashion title “Vogue” – which led to an 800 percent increase in the price of dogecoin.

Musk then threw his support behind bitcoin, saying it is “on the verge of widespread adoption” in the financial world. In a SEC filing last week, Tesla said it has purchased $ 1.5 billion worth of bitcoin and will accept the cryptocurrency for payment for its products. In his endorsement for bitcoin, Musk said he had no “strong opinion” about other virtual currencies and that his tweets about dogecoin were meant to be jokes.

“But fate likes irony,” Elon Musk said recently on the social audio app Clubhouse. “The most entertaining outcome and the most ironic outcome would be that dogecoin will become Earth’s currency in the future.”

Have you invested in dogecoin or other cryptocurrencies? What do you think of these latest crypto spikes? Share your thoughts in the comments below.

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