Elon Musk, the CEO of Tesla, has recently stated he might stop promoting and supporting Dogecoin if the coin distribution is not made more even and just.
He clearly and unequivocally informed through a tweet that he will withdraw his support in case Dogecoin holders are willing to sell a large amount of the coins they possess. This should be done in order to make the distribution of altcoin more fair and just.
Demand For Fair Distribution Of Dogecoin By Elon Musk
The wealth concentration of Dogecoin has always been an issue that they have failed to resolve. According to recent reports, a sole entity possesses more than 27% of the whole market capitalization of altcoin that is worth approximately more than $7 billion during the press time.
This puts the holdings of the entity valued at more than $1.8 billion that indicates the gross domestic profit of a medium-sized island nation at present.
Additionally, the leading 20 Dogecoin holders possess over half of the present circulating supply of altcoin that is almost $3.5 billion. At the same time, this might possibly be cryptocurrency exchanges that are holding DOGE as a reserve for the cold wallets. As of now, they have not accepted any exchange.
Musk has demanded that this should change for better working. He informed me that significant Dogecoin holders usually sell most of the coins to gain my support. Unhealthy concentration is a problem.
The token’s advocacy from Musk might continue forever. DOGE concentration holdings suggest an issue for the long-term fundamentals of this coin. Lack of DOGE supply suggests prices might be inappropriately spiked for the profit of selected large wallets.
Musk thinks that the selling of whales can protect the crypto of common people.