The Tesla CEO, Elon Musk has gained an immense amount of fame due to his dalliance in the stock market prices. Elon currently wields an incredible grade of influence among the masses when it comes to cryptocurrencies such as Bitcoin. The creator of SpaceX can be said to have the powers of real stone, whose powers are used through the medium of his Twitter strings. Musk fell in love with the meme-inspired cryptocurrency “Dogecoin” and has been showering the ‘Shiba Inu’ themed cryptocurrency with all his support.
As the saying goes “with great power, comes great responsibility”; Dogecoin’s increase in stock market prices came at a sacrifice. Sadly Dogecoin has become prey to the stock market whales. So to address this problem Elon has issued an Ultimatum for these whales through his Twitter handle. We’ll explore Elon’s Dogecoin Ultimatum even further and explain the future of Dogecoin corresponding to this Ultimatum.
What Led To Elon’s Dogecoin Ultimatum?
The Markus and Palmer invented cryptocurrency has gained an indelible amount of love from both, meme lovers and technological savants. The credit for such an increase in its fame as well as its stock prices has Elon Musk written all over it. Elon Musk’s tweet strings gave the Dogecoin community a substantial amount of boost with the help of his tremendous influence among the masses. Although this has invited a few risks to the trending cryptocurrency.
Dogecoin is currently being haunted by stock market ‘whales’. The whale is a terminology from the cryptocurrency universe which pertains to wealthy individuals who have huge amounts of cryptocurrency in their digital wallets. This is proving to be a hindrance in Dogecoin’s journey in becoming the official currency of the internet.
Elon’s Dogecoin Ultimatum
If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.
— Elon Musk (@elonmusk) February 14, 2021
On February 15, Elon came to the aid of the ‘Shiba Inu’ themed cryptocurrency by tweeting the following;
“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.”
This ultimatum comes at a point when a single wallet holds 27% of all the Dogecoin in circulation, and the top 20 addresses hold more than 50% of all the Dogecoin. The cryptocurrency might be under the threat of delegitimizing its validity, as these whales can easily crash the price on a whim. Here is a reply from a so called DogeCoin Whale.
A proposition to @elonmusk as a #dogecoin whale.
I will market buy $7,500,000 worth of $doge at current value. That’s 125 million coins. I will place them in a smart contract on the @FlareNetworks not to be touched for 5 years. Locked. We both love doge. Let’s work together.
— Mad Dogecoins (@MadDogecoins) February 15, 2021
Elon has even bought a few stocks in Dogecoin for his son X Æ A-Xii while also giving a more thorough proof of his support for Dogecoin.
Bought some Dogecoin for lil X, so he can be a toddler hodler
— Elon Musk (@elonmusk) February 10, 2021
If the whales adhere to Elon’s Dogecoin Ultimatum they’ll be part of a win-win situation; which means if they liquify half of their wealth, they’ll become enormously rich and the remaining Doge in their wallet would soar the skies of increased prices in the future.
#dogecoin Two whales already cashed out.
More to come? pic.twitter.com/c2I1S6cOYh
— Dogecoin? (@Dogecoinxx) February 15, 2021
Let’s hope that more whales adhere to Elon’s Dogecoin Ultimatum so that we can see more creative dalliance between the technological and meme universes.
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