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<\/p>\nelon musk
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Dogecoin spikes after Elon Musk says he bought some for his infant son
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Elon Musk wants Dogecoin moguls to share their wealth.<\/p>\n
The billionaire Tesla CEO urged Dogecoin’s largest owners to sell most of their holdings as he expressed concern about a small number of people hoarding too much of the cult cryptocurrency.<\/p>\n
“If major Dogecoin holders sell most of their coins, it will get my full support,” Musk said on Twitter Sunday evening. “Too much concentration is the only real issue [in my opinion].”<\/p>\n
“I will literally pay actual $ if they just void their accounts,” he added in early Monday morning post.<\/p>\n
Musk’s first tweet appeared to spark yet another wild movement in the price of Dogecoin, a meme-inspired digital currency that was started as a joke.<\/p>\n
The price initially jumped in the minutes after Musk’s tweet but went on to fall as low as about 4.8 cents late Sunday, marking a roughly 45 percent drop from the all-time high of 8.7 cents that it reached last week, according to CoinDesk data.<\/p>\n
The coin pared the losses Monday morning to trade at roughly 5.8 cents apiece as of 7:18 a.m., down 6.5 percent from a day earlier, with a market value of about $7.5 billion.<\/p>\n
Musk’s latest Twitter musings about Dogecoin \u2014 named for an internet meme that features a Shiba Inu dog \u2014 suggested that he’s sincerely invested in the coin despite his frequent jokes about it.<\/p>\n
When another Twitter user posited that Musk’s effort to push big holders to sell was a sign that he “legitimately sees Dogecoin’s potential as being the leading currency of the internet,” Musk replied, “Absolutely.”<\/p>\n
But the coin has nevertheless fallen from the all-time peak it hit on Feb. 7 as celebrities such as Snoop Dogg and Gene Simmons joined Musk in hyping it up. <\/p>\n
Musk also claimed last week that he had bought some Dogecoin for his infant son, X \u00c6 A-Xii, two days after Tesla revealed that it had invested $1.5 billion of its corporate cash in Bitcoin.<\/p>\n