See More

Elon Musk Has More Dogecoin Fun — Price Drops 20% Following Latest Tweet

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • Dogecoin aficionado Elon Musk criticized the centralized nature of the cryptocurrency.
  • Musk stated that DOGE tokens are too concentrated.
  • DOGE prices fell 20% in the hours after the tweet.
  • promo

Elon Musk, a notorious Twitter troll and the world’s richest man, appears to be having more fun stirring up controversy in the cryptocurrency space.

Considering that Musk recently made a $1.5 billion Bitcoin purchase for Tesla, his heavy focus on Dogecoin is rather odd. After his most recent Dogecoin tweet, criticizing the centralization of tokens, DOGE took a 20 percent price hit.

Musk Barks Up Dogecoin Whales

This price decrease coincided with a marketwide slump for cryptocurrencies. Bitcoin (BTC) dropped 5 percent while Ethereum (ETH) fell by 8%. However, DOGE has seen a particularly substantial drop, at one point losing 25% from the daily open.

This all happened just before Musk tweeted out, “If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue IMO [in my opinion].”

Although Musk has a penchant for speaking positively about the Shiba Inu- inspired token, this was decidedly critical. DOGE has seen massive pumps over the last few weeks following tweets from Musk promoting the cryptocurrency and events that led Reddit-based speculators to move from stocks over to DOGE.

This massive influx caused Binance CEO Changpeng Zhao to take notice. He decided to address the pump head-on, highlighting some potential pitfalls that the DOGE community could face.

On Feb. 4, Zhao tweeted;

With a single address holding over 25 percent of the entire supply, and the next 19 biggest addresses holding another 25 or more percent of the coins, DOGE may not be as decentralized as holders and speculators hope.

Watch What I Do, Not What I Say

Interestingly enough, Musk tweets heavily about DOGE but doesn’t seem to actually have his sights on the meme currency. Whether he is merely having fun, trolling, or tweeting his genuine concerns, Musk has clearly shown which cryptocurrency he prefers by putting his money where his mouth is. Telsa made a massive Bitcoin acquisition, but does not own a single DOGE.

Although the tech billionaire and genius frequently mentions the project, investors and speculators need to notice Musk’s actions, not just his words. While Musk was watching retailers FOMO pump into DOGE, he was steadily accumulating Bitcoin.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

photo_Harrison_Seletsky-.jpg
Harrison Seletsky
Harrison is an analyst, reporter, and lead specialist at BeInCrypto based out of Tel Aviv, Israel. Harrison has been involved in the cryptocurrency space since late 2016 and is passionate about decentralized ledger technology and its potential.
READ FULL BIO
Sponsored
Sponsored