Elon Musk continues his campaign to democratize Dogecoin (DOGE). The richest man in the world thus indicates that he would be ready to pay so that the DOGE is more decentralized …
Elon Musk wants to cecentralize Dogecoin (DOGE)
Officially, Elon Musk does not promote Dogecoin. The billionaire has repeatedly defended himself from “pumping” the price of DOGE, but he seems inexhaustible on the canine altcoin, which would be his favorite cryptocurrency. But the altcoin itself has a flaw according to commentators: it is concentrated in far too few hands, as Changpeng Zhao previously pointed out . A single address would thus hold 27% of all DOGE , and the 100 largest addresses would control 65% of the cryptocurrency.
Hence a new surge of Elon Musk: he would place more trust in Dogecoin if the cryptocurrency managed to lose focus, and he is ready to pay for it:
“If the major Dogecoin holders sell most of their coins, [the cryptocurrency] will get my full support. The only real problem is excessive concentration in my opinion. I will pay money if they empty their accounts.“
Has the DOGE finished climbing?
It seems unlikely that the big DOGE holders will heed the call that Elon Musk posted. The price of Dogecoin was not affected by this new billionaire’s release. The DOGE has indeed started to fall again since two consecutive increases at the end of January and the beginning of February. Note, however, that it is trading at a much higher price than that which preceded its unexpected breakthrough:
This morning, a DOGE is trading for $ 0.068, and its market capitalization exceeds $ 7.4 billion , which places it in 12th place in the ranking of the most capitalized cryptocurrencies. Can Dogecoin profit sustainably from this resurgence in popularity? We can doubt it, as the craze has been sudden, it is therefore advisable to consider this altcoin with great caution.