Multi-billionaire Elon Musk revealed on Sunday that he supports the decision of the major coin holders of the digital currency named Dogecoin that is based on memes selling the majority of their coins. In addition to this, he said that he felt that too much focus and concentration on the coin was the main issue.
He said in a tweet that if the majority of the Dogecoin holders will sell most of their coins, then they will be having his full support. Musk has always been known as an open supporter of cryptocurrencies and the future that it beholds.
Elon Musk and the Rise of Dogecoin
In recent times, he has weighed in regularly on the recent frenzy in the retail investment, eventually driving up the price of GameStop, the U.S. video game chain, and Dogecoin. Tesla Inc., the electric vehicle company of Musk, revealed on February 8 that it had bought $1.5 billion of the cryptocurrency Bitcoin, and they are getting ready to accept it as a form of payment soon.
This eventually resulted in the hike of the prices of Bitcoin and marked this action as the latest step in the mainstreaming of digital currency. Amidst its high volatility, its value has increased almost 50% this year, and it had definitely made its investors rich.
General Comment or a Market Tactic?
It is not known whether this move of supporting the sellers of the dogecoin is another market tactic of the owner of Tesla and SpaceX, but looking back at the history, this comment of him will surely lay an impact on the prices of Dogecoin. Earlier, when he tweeted about Dogecoin, its price value was increased to $0.05798.
It is going to be interesting to see what impact does this comment will have on the prices of the meme-based coin, as it has been previously seen that people follow everything that Musk says blindly.