Dogecoin prices fell 23 percent after Ilan Musk’s recent tweet about Dogecoin’s wealthy accounts.
to the the report Coin Telegraph, Ilan Musk, the world’s richest man and CEO of Tesla, tweeted last night, pointing to the unbalanced distribution of Dogecoin among investors, that major holders of the digital currency should sell their currencies.
Dogecoin’s distribution among investors is strangely heterogeneous; An account holds about 28.7% of the available Dodge coins. About 50% of the Dogecoin supply is only available at 12 addresses. Musk wrote in this tweet:
If the major owners of Dogecoin sell most of their currencies, I declare my full support for this currency. I think a lot of focus [روی دوج کوین] There is and this is the only serious problem.
Shortly after the tweet, the Dogecoin fell 23 percent from $ 0.063 to $ 0.048. Musk had previously raised and lowered the price of digital currencies with his tweets; However, his role in today’s fall is not very credible; Because at the same time, the market value of digital currencies fell by about $ 105 billion, and this was not unique to Dogecoin.
Over the past few hours, many digital currencies on the market, especially Altcoins, have experienced about 20 percent correction. Analysts believe that bitcoin has reached a new historical high in the past few hours, which has reduced the trading volume of the instrument market.
It is very difficult to accurately estimate the distribution of digital currencies among different people; Because on the Blockchain, the records of transactions and accounts are registered under pseudonyms. However, data from various sources indicate that almost 70% of the Dogecoin supply is available at only 100 addresses.
Dogecoin co-founder Billy Marcus recently said in an interview that he sold his Dogecoin in 2015, when he was struggling financially. He started working on this digital currency in 2013.
Elon Musk’s talk about the Dogecoin axis has been more of a joke. He once called himself the former CEO of Dogecoin. Most of his speeches have been in the form of internet jokes, and it cannot be said that there is an investment strategy behind his speeches.