Dogecoin Will Get My Full Support: Elon Musk

Too much concentration is the real issue on Dogecoin, Says Elon Musk
  • Elon Musk tweets about Dogecoin; says too much concentration is the real issue for asset’s price plunge
  • DOGE price soared 14% from $0.057 to $0.065 after Elon Musk’s tweet, it plunged to $0.052 later
  • Dogecoin is a volatile crypto-asset as it soared from $0.01 to an all-time high of $0.08 on February 8, 2021 
  • The asset follows a spike up and spikes down pattern; hence the price correction should not be a concern for long-term holders

February 15, 2021: Elon Musk tweets about Dogecoin, saying if major Dogecoin holders sell their coins, the asset will get his full support. 

Quickly after Musk’s tweet, the world witnessed a soar in Dogecoin price. However, it plunged again. Elon Musk posted the tweet at 4:55 AM, and at that very time, Doge soared 14% from $0.057 to $0.065. Though at present (12:45 PM), the asset has slipped down to the level of $0.052. 

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Elon Musk Supporting the Whales?

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The influential Musk has remained quite upright regarding his support for Dogecoin. And in today’s tweet, he has simply stated that there is a substantial concentration of coins among its major holders. Therefore, if the holders chose to trade their coins, the asset will get Elon’s precious support. Because too much concentration is the only real issue in his opinion. 

It is a possibility that Elon Musk was addressing the huge slip earlier in the morning, around 6:40 AM. Tesla CEO highlights that Whales have left Dogecoin because there is an excessive concentration in the asset. However, he will support the Whales who aim to sell the asset.

Observing Dogecoin’s price over the past seven days, it follows a specific pattern of spike up and spike down, and recently it has projected a plunge.

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However, observing the asset over the past thirty days, the relative trend has been up. Moreover, Dogecoin sees a correction in its price. 

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Dogecoin Slips Down 10% In A Day

The recent price correction of the asset should not be a concern for long-term holders. All the stocks face correction when they encounter massive price soar. It is safe to say that Dogecoin’s future is not in jeopardy. And, the recent price drop has been attributed to whales who have been selling their Dogecoin. Although the asset has slipped down 10% in a 24-hour time frame, it is still supported by numerous crypto holders.

However, Dogecoin will go up again as it has done so many times in the past.

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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