Elon Musk just made his most revealing and significant dogecoin tweet to date yet! And as you may have guessed, dogecoin began to soar again from it's recent dip. He took fault with whales, who he considers to be the jugular of the problem(Dogecoins future growth). In essence, Elon is saying Doge is the people's coin, so it should in no wise be controlled by whales.
The billionaire tweeted: "If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo."
So what does this mean?
We will dissect this tweet, but the first and most important point or detail to take from Elon Musk tweet is this:
"It Will Get My Full Support"
Elon Musk is basically saying, dogecoin already has his support, but he wants to do even more(which is to go all in). This time around, he is not using any cryptic tweets or mere hype; rather he came direct and pointed. He leaves no doubt about his support and clear plans to invest in the crypto's future.
Elon Musk have recently invested in digital currencies through Tesla(BTC) and made a personal Dogecoin purchase for his own son, X Æ A.-12. Now, he has revealed he also wants to go all in on dogecoin, but he has one concern:
As you know, Elon Musk is great at using psychology, and I believe he made such a pointed statement, because something big is on the horizon. He wants to shake things up, and he is bringing up issues you cannot solve without making some major changes to dogecoin itself.
One interpretation is, Musk is concerned that whales hold too large of a percentage of dogecoin right now. Some commentaries says, if Elon goes all in, then whales could sell and cause the currency to take a dive.
So let's hear the breakdown from around the web:
@stockblaster tweeted: "#Dogecoin is likely being shorted. Every Elon tweet gets a nice bounce, then shorts push it down. They're trying to demoralize us. But here's how we (and @elonmusk) can fight back."
@Stockblaster pointed out that one solution would be for Elon Musk to take control of dogecoin.
I don't think this is far fetched, because Musk called out an issue that will require some radical moves to resolve. And I don't think Musk would say that just for the sake of saying it. I believe he has a plan, or at the very least, he is sending a direct message to the dogecoin developers to take action immediately if they want to see the coin soar! Because whales won't sell without being strong-armed. If any of stock blaster's ideas come to fruition, then we would see dogecoin's value skyrocket to another planet.
What's your part? HOLD
This call to sell, is not directed to the people. Rather it's only directed to whales. So don't misinterpret his tweet and panic sell. #diamondhands
Further explanation of the problem
"As long as the big players control the majority of the coin base, it'll behave how they want it to behave."
Solution: The Ultimatum
Elon Musk is giving an ultimatum: Whales should make the right choice and sell or he cannot lend his full support.
The result of Whales selling:
So Elon Musk, is saying if major whales sell their cryptos for the bigger cause of seeing the coin become a major player or top currency, then you can expect an obvious short term dip, but major long term growth. He is basically saying whales are holding back the currency and it's time to cut off their hands. it's time to set the currency free.
My Closing Take
I strongly believe, Elon Musk wont give up so easy, nor let the crypto's future be decided by whales. Soon companies like Tesla, Microsoft and others will adopt dogecoin. If the developers have to step in or Elon Musk himself, then he will. This is simply an olive branch thrown out to the whales. The ultimatum is, you are either for the future of the coin or you are not. If not, get the Fu*k out the room! Elon Musk is serious when he says, Dogecoin is the people's currency. The whales will be flushed out by any means necessary.
Does this means Elon Doesn't hold any dogecoins?
We recently published an article where we speculated that Elon Musk was a major holder of dogecoin. So does this mean he doesn't own any dogecoin, since he is calling for whales to sell?
Actually contrary, Elon's concern is not merely based on someone owning a large portion in and of itself. The issue, is that those whales may not be invested in the future of the currency and they could sell at any point and cause a major dip. Elon on the other hand is invested in the future of the currency, clearly stating that it could become the top global currency and that it's the people's crypto. Furthermore, he has purchased dogecoin recently for his own son and has certified his allegiance towards the coin.
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