Tesla founder and occasional crypto commentator Elon Musk have drawn awareness to the dogecoin’s dangerous concentration among whale investors.
Musk, who has been a vocal supporter of dogecoin as the internet’s “meme” currency, warned followers about the top-heavy concentration of DOGE, including one wallet holding 28% of the coin’s total supply.
In a tweet, Musk said he would support the altcoin if major holders agreed to sell most of their coins. He called concentration the “only real” issue facing the crypto asset.
I will literally pay actual $ if they just void their accounts
— Elon Musk (@elonmusk) February 15, 2021
Musk followed up his tweet by saying he would pay “actual $” if the top wallets voided their accounts.
Following the growing internet hype for dogecoin, a number of crypto community members pointed out the altcoin’s dangerous concentration among a handful of wallets, including one anonymous address containing 36 billion DOGE, or roughly 28% of the total supply.
1 address holds 27% of all Doge. Top 20 address holds more than 50% of all #Doge. If they eventually dump on you, there is no way you will recover. This is the Rich list of Doge coins centralised as hell; https://t.co/BesjF41sWg buy #Bitcoin bro even if it is 100$. https://t.co/7H7HNYHya8
— OLUWASTONER (@ORISHA_SEGUN) February 4, 2021