After offering DogeCoin whales an ultimatum to sell their coins in exchange for his ‘full support’ of $DOGE, Elon Musk has said that he would consider developing an “ElonCoin” but “only if necessary.”
Following Elon’s public offer to buy out DogeCoin whales on Twitter, a little-known Twitter user and accountant known as Mansour Shahrokh suggested that Musk should “develop a new #ElonCoin.”
“Offer them to the existing non-major #dogecoin holders to void their wallet,” Sharokh suggested. “You wouldn’t need to pay $ to make those majors dogecoin holders richer than they already are and allocate your time and support to make the ElonCoin the currency of the Earth.”
“Only if necessary,” Musk replied.
Only if necessary
— Elon Musk (@elonmusk) February 15, 2021
”“Too Much Concentration Is the Only Real Issue” with DogeCoin, Musk Tweeted
How did we arrive at this point? After developing a recent fascination with DogeCoin, Elon Musk has said that there is just one thing preventing him from giving the asset his “full support.”
“Too much concentration is the only real issue [in my opinion],” he wrote on Twitter.
And indeed, DogeCoin has previously been criticized because of massive centralization on the network: 28.7% of all $DOGE is held by just one person; just 12 holders own almost 50% of the total supply. According to CoinTelegraph, nearly 70% of the entire Dogecoin supply “is held in just over 100 addresses.”
However, Elon has offered DogeCoin whales a deal: “if major Dogecoin holders sell most of their coins, it will get my full support.” He added: “I will literally pay actual $ if they just void their accounts.”
If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.
— Elon Musk (@elonmusk) February 14, 2021
Another anonymous Twitter user, @itsALLrisky, who describes themself as “a former #Bitcoin maximalist who took the #DOGE Pill” elaborated on Elon’s tweets: “whales will have to consider Elon’s ultimatum here.”
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“If they comply, #Dogecoin becomes the currency of the internet. If they don’t, or ‘cheat’ by distributing their coins across multiple wallets, then it loses Elon’s endorsement. Easy decision for the whales. Do the right thing.”
Whales will have to consider Elon's ultimatum here.
If they comply, #Dogecoin becomes the currency of the internet.
If they don't, or "cheat" by distributing their coins across multiple wallets, then it loses Elon's endorsement.
Easy decision for the whales. Do the right thing
— 💸💸💸 (@itsALLrisky) February 15, 2021
“Yup,” Elon Musk wrote in reply.
The price of $DOGE did not seem to respond positively to Musk’s tweets. Within seven hours the price had plummeted 23%, from $0.063 to $0.048. The price had recovered to $0.057 at press time.
“He is actually dead serious. The whales should take the deal. Dogecoin is the people’s crypto,” Twitter user @Dogecoinxx wrote in reply to Elon’s ultimatum.
He is actually dead serious. The whales should take the deal. Dogecoin is the people’s crypto
— Dogecoin🥇 (@Dogecoinxx) February 15, 2021