Elon Musk, the founder of Tesla and SpaceX, has always had a complex relationship with Dogecoin. While he has frequently promoted the meme-inspired cryptocurrency—calling it "the people's crypto" and even purchasing it for his child—he has also repeatedly stated that his initial involvement was meant as a joke.
However, in a significant recent statement, Musk took a more serious tone addressing major Dogecoin holders. He publicly urged them to sell the majority of their coins, suggesting that such a move would lead to his full endorsement. We also examine what his potential entry price point could be.
Decentralization Equals Full Support
On the morning of February 15, Musk tweeted: "If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo."
One user replied, emphasizing the importance of Musk’s message: "Whales need to consider this ultimatum. If they cooperate, DOGE could become the internet's currency. If they ignore it or try to fake distribution, they risk losing Musk’s backing." The user further urged large holders to "do the right thing."
Musk agreed with this sentiment and even added that he would be willing to financially support the effort if whales were to liquidate their positions.
I will literally pay actual $ if they just void their accounts
— Elon Musk (@elonmusk) February 15, 2021
Speculation around Musk’s potential involvement didn’t stop there. Unconfirmed reports from crypto analysts suggested Musk might be considering buying Dogecoin at around $0.10.
Is a MuskCoin on the Horizon?
Some community members proposed an alternative—creating a "MuskCoin" and airdropping it to small DOGE holders. This, they argued, would incentivize large Dogecoin holders to sell without directly enriching them and allow Musk to focus support on a token he fully controls.
Musk responded by saying he would consider this option "if necessary."
At the time of writing, Dogecoin has not experienced a major sell-off. Like many altcoins, it saw a market-wide dip between 5% to 10%.
Frequently Asked Questions
What did Elon Musk say about Dogecoin whales?
Elon Musk urged large Dogecoin holders to sell the majority of their tokens to decentralize ownership. He stated that if they did so, Dogecoin would receive his full support.
Why does Elon Musk want Dogecoin whales to sell?
Musk believes excessive concentration of tokens among a few holders is a fundamental issue. Decentralizing ownership could make the cryptocurrency more stable and widely adopted.
What is the speculated price at which Musk might buy Dogecoin?
Some analysts suggest that Elon Musk may be considering an entry around the $0.10 mark, though this is purely speculative and not confirmed.
How did the market react to Musk’s statements?
Dogecoin’s price dipped along with the broader altcoin market, but no drastic sell-off occurred immediately following his comments.
Would Elon Musk create his own cryptocurrency?
He hasn’t ruled out the idea. In response to a suggestion about launching "MuskCoin," he said he would consider it if it became necessary.
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