Concentration of energy is the “only real problem” at DOGE, says Tesla’s Elon Musk

Dogecoin (DOGE)

Concentration of energy is the “only real problem” at DOGE, says Tesla’s Elon Musk

While Dogecoin original creator Billy Markus cannot understand the madness that surrounds meme cryptocurrency prices, Tesla’s CEO will “literally” pay actual dollars to get its main owners to sell their coins .

During this week’s sell-off, the popular Dogecoin has suffered the hardest blow among the top cryptocurrencies.

The meme cryptocurrency fell to $ 0.0473, roughly halving its value from last week’s high above $ 0.088. At the time of writing, DOGE / USD has found its way above $ 0.062, much like the rest of the crypto market, which quickly bounced back from the slump propelled by the heavily leveraged traders.

The cryptocurrency is still a long way from the $ 1 that many degens are targeting for this token, which its original creator Billy Markus, not Tesla CEO Elon Musk, simply cannot understand. He doesn’t have a DOGE, other than what was recently shared, Markus shared in his Reddit post last week.

While Markus has nothing to do with the coin now, having left around 2015, Musk has shared his concerns about the concentration of power among DOGE owners. Musk tweeted

“If big Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real problem IMO “,

“I’m literally going to be paying actual $ if they just cancel their accounts.”

According to Bitinfocharts, 28.7% of DOGE’s offering is held by just one address, which owns more than 36.8 billion DOGE worth over $ 2 billion.

Only 11 addresses contain 19.85% of the coins, totaling 25 billion DOGE worth nearly 1.4 billion US dollars, while another 91 addresses have a total of 25.2 billion DOGE worth almost 1.38 billion US dollars.

The largest number of owners, over 1 million addresses, have between 1-10 DOGE. According to this, 87.68% of the addresses hold 0% of the DOGE offer.

Dogecoin rich list

Source: bitinfocharts – Dogecoin distribution

There are only 58 addresses richer than $ 10 million and 393 addresses richer than $ 1 million.

These numbers clearly show that DOGE ownership is highly skewed, with very few owning almost all of DOGE coins.

And the answer to that, as a DOGE enthusiast recommended and Musk agreed: “Whales here have to consider Elon’s ultimatum. If they stick to it, Dogecoin will become the currency of the internet. If they don’t, or if they “cheat” by splitting their coins across multiple wallets, then it will lose Elon’s support. Easy decision for the whales. Do the right thing. “

Dogecoin / USD DOGEUSD

0.2408$ 0.027.17%

  • volume 4.34 milliliters
  • Change $ 0.02
  • Open minded$ 0.2408
  • Circulation € 131.57 billion
  • Market capitalization 31.68 billion euros

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AnTy has been working full-time in the crypto sector for over two years. Before starting blockchain, she worked with the NGO Doctor Without Borders as a fundraiser and has since researched, read and created for various industry segments.

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