Elon Musk Urged Large Dogecoin (DOGE) Holders to Sell Their Coins

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Elon Musk, one of the most famous billionaires and founder of the companies Tesla and Space X, announced that the large holders of cryptocurrency Dogecoin should sell out the major quantity of their savings in order to avoid the cluster of funds.

Elon Musk At SpaceX Headquarters

Elon Musk’s Writings in his Twitter

Elon Musk often makes posts on his Twitter. His words are:

  • American entrepreneur announced this case will receive his significant support, if the holders trade out the major quantity of their coins.
  • How Elon wrote on the Twitter page, “In my opinion too much concentration is the only real problem.”
  • The only problem with Dogecoin is that a major quantity of coins are owned by a narrow circle of people, the entrepreneur said in a tweet. After this publication, the rate of cryptocurrency fell by 14%.

Recall that in early February, Elon Musk published on his Twitter account a picture of the rocket Falcon #9, signed with the word “Doge”. Dogecoin is a joke cryptocurrency that was released in 2014. Its symbol is an internet meme, Doge the dog.

Reasons for Bitcoin’s Value Rising

Last week, bitcoin began rising in value after U.S. company Tesla invested $1.5 billion in cryptocurrency. So, such changes have happened:

Bitcoin’s Value Rising

  1. It should be noted that during the 14th of February trading on the Binance exchange bitcoin price rose by 4.2% to $48952, while at its peak it was $49695.
  2. On the 8th of February, Musk announced that he purchased $1.5 billion worth of bitcoins and began selling Tesla cars for bitcoins.
  3. In addition, the value of bitcoin rose sharply after the entrepreneur and the founder of Tesla, Elon Musk, posted the corresponding hashtag on his page in the social network. Analysts predict that bitcoin could rise in price to $100,000 by the last quarter of 2021.

Over the past weekend, Musk tweeted several posts about Dogecoin, causing its quotes to double. The project ranks tenth on the list of the largest cryptocurrencies. Its capitalization is almost $8 billion. He even posted a screenshot from the cartoon “The Lion King”, only instead of the shaman-monkey Rafiki there photoshopped his picture, and in place of the lion cub Simba’s face – the Dogecoin logo.

Elon Musk Says he bought Dogecoin for His Son

“Purchased some of Dogecoin for X to be a baby hodle,” Musk wrote.

The famous billionaire joked that his child would be little holder, who buys cryptocurrency and doesn’t trade it no matter what happens in the market.

“Hold” is a strategy for cryptocurrency investors who don’t sell their assets despite market fluctuations.

X Æ A-12 (read “Ex Ash A-Twelve”), the son of Elon Musk by Canadian singer Grimes, was born in May 2020.

What Do Experts Think About Growth of Cryptocurrency?

Experts expect the current trend of rising cryptocurrency rates, including bitcoins, to proceed:

The inflow of institutional capital into the digital asset sector will proceed, and in the long term it will lead to an increase in the price of electronic currencies, said Yuri Mazur, head of data analysis at CEX.IO crypto-broker CEX.IO Makler.

The expert believes that after the bitcoin correction at the level of 19-20.5 thousand dollars in a new wave of growth, its price can reach 42 thousand dollars, and to convert bitcoin to dogecoin will be more prosperous.

Vladimir Smetanin, CEO of Swiss financial company Newcent, gives an even more optimistic forecast. In his opinion, a rate correction is possible, but in the next two years, bitcoin may come close to $100-120 thousand.