Dogecoin became the new trend in the field of cryptocurrency when the tech god Elon Musk himself took some time on Twitter.
Elon expressed his thoughts on Twitter regarding the Dogecoin cryptocurrency and how plans to make it the currency of the internet.
Elon is all ready to push Dogecoin to become the currency of the internet as he said that he will buyout major Dogecoin holders and help make the fringe cryptocurrency popular.
Dogecoin “Currency of the Internet” and Elon Musk’s Interest In It
CEO of Tesla and SpaceX who also took over Jeff Bezos to become the world’s richest person actually criticized the so-called crypto whales on Twitter and blamed them for holding large stockpiles of Dogecoin.
Elon Musk believes that these large holders are the only block that is stopping Dogecoin from becoming the currency of the Internet.
In a Tweet, Elon said, “If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo”.
“I will literally pay actual $ if they just void their accounts.”
Current State of Dogecoin and Problem in Becoming The Currency of The Internet
The analysis of digital wallets reveals that one owner actually has more than a quarter of 128 Billion Dogecoin(DOGE) tokens in circulation.
So that means that the holder has about 36 Billion Dogecoins which are equivalent to over USD 2 Billion in today’s prices.
Then another 19 digital wallets hold about 25 percent of all Dogecoin. So if we assume that each digital wallet is owned by an individual, we can say that 20 people own more than half of all the Dogecoins that are in existence.
A Dogecoin advocate wrote in reply to Musk’s tweets, “Whales will have to consider Elon’s ultimatum here. If they comply, Dogecoin becomes the currency of the internet.”
“If they don’t, or ‘cheat’ by distributing their coins across multiple wallets, then it loses Elon’s endorsement Easy decision for the whales. Do the right thing.”
Musk replied to this tweet by, “Yup… Temporarily lower, long-term raise.”
The main problem here is the semi-anonymous nature of the cryptocurrency. It makes it very difficult to immediately find out who the large stakeholders are. However, it is known that the creators of Dogecoin cashed out their holdings several years ago before this whole thing got famous.
Dogecoin has seen a surge in its value as it was about USD 0.01 at the start of the year and got to a peak of USD 0.08 last week. It has been dropped a bit and its value currently is USD 0.06. However, it is still the 13th most valuable cryptocurrency in the world. Its market cap is close to USD 8 Billion.
The main reason why this cryptocurrency has seen this surge is because of the comments and memes shared by Elon Musk on Twitter.
“The most entertaining outcome is often the most likely,” he said during a recent Q&A session on the app Clubhouse. “Arguably the most entertaining outcome, and most ironic outcome, would be that Dogecoin becomes the currency of Earth in the future.”
As of now, cryptocurrency is kind of hot and vendors are accepting it as a payment method. However, Dogecoin has a long way to become the currency of the internet.
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