Dogecoin: Is Elon Musk buying dogecoin?
Elon Musk, who’s been a vocal supporter of Dogecoin, said there’s too much concentration of the coins among its major holders and he will support them if they sell their coins.
While Musk has previously supported the crypto, which has helped boost its price in recent weeks, on Sunday he tweeted that he would give major holders of Dogecoin “full support” if they decided to sell most of their holdings, saying “too much concentration is the only real issue”.
According to CoinMarketCap numbers, Dogecoin has dropped 14% in the past 24 hours to 5.6 cents. Among the obsessions of retail buyers this year was the Shiba Inu-themed digital coin, rising to an all-time high of 8.4 cents last Monday from around 1 cent at the beginning of the year.
The cryptocurrency hit an all-time high of around US$0.083 last week following another intervention by Musk on Twitter, who issued a flurry of cryptic tweets implied to be praising Dogecoin.