Elon Musk says he will fully support Dogecoin if the whales decide to sell their coins

Elon Musk has once again renewed interest in meme-inspired cryptocurrency, Dogecoin, saying he would invest his own money directly if the so-called whales decide to get rid of their DOGE.

Too much concentration

Tesla billionaire CEO (Tesla shares - TSLA ticker) has recently shocked the entire crypto community on Twitter with an unprecedented offer aimed at the main owners of DOGE. Musk noted that the only thing stopping Dogecoin from becoming the "official currency of the Internet" is its high level of concentration among a few wealthy people.

Dogecoin, in fact, is one of the cryptocurrencies with the most unbalanced distribution of holdings. In particular, almost 29% of DOGE's entire offering is in the hands of a single person, and a further 50% is distributed among 12 other investors.

With this minority group owning nearly 80% of Dogecoin's entire supply, it becomes increasingly difficult for cryptocurrency to achieve mainstream adoption. Furthermore, since a large amount of the money supply is held by a small group of wealthy people, the chances of the currency losing its value due to sudden price falls are very high.

Therefore, to address this issue, Musk, who has more than 46 million followers on Twitter, presented these prominent Dogecoin owners with the ability to sell a substantial amount of their stock of DOGE in exchange for his full support. "Too high a concentration is the only real problem," Musk said, adding that he would literally pay with his money if these people decide to cancel their accounts.

The cryptocurrency of the people

Elon Musk once described Dogecoin in one of his tweets as the "cryptocurrency of the people" and even revealed that he bought a cryptocurrency sum for his son. Of course, speaking of these issues, it is never quite clear whether Musk is serious or not.

After all, it was he himself who repeated on several occasions that his tweets on dogecoin are thought of in a joking way. It's also worth noting that the crypto community is almost always very hesitant when it comes to whether or not its constant tweets about Dogecoin are good for the industry's future.

The fact remains, however, that Musk's tweets have caused severe volatility in the altcoin, which is increasing every day. As of press time, DOGE ranks 13th by market cap among cryptocurrencies.

The price fell 27% in a week, but rose 517% in a month. The game is still open and Elon Musk is the referee. Dogecoin's future lies in the decision of its main holders. Will they accept or reject the offer? We just have to wait and see.