According to Elon, Dogecoin’s only real issue is that too much Doge is currently concentrated among a few wealthy individuals.
In cryptocurrency slang, we call these “whales”.
One wallet holds 27% of all the Dogecoin in circulation, and the top 20 addresses hold more than 50% of all the Dogecoin.
This concentration of wealth makes it difficult for Dogecoin to achieve its goal of being the official currency of the internet.
With too much Doge accumulated by too few people, there is an increased risk that these folks could crash the price on a whim and delegitimize Dogecoin’s utility.
With his latest tweet, Elon just gave the whales an offer they can’t refuse.
“If major Dogecoin holders sell most of their coins, it will get my full support.”
Elon is essentially giving the whales a choice: Liquidate half of your wealth, become filthy rich from it, and then watch the rest of your fortune soar to the moon.
Or don’t, and Elon will pull the rug of his “full support” from under Dogecoin’s feet.