Dogecoin Declines 20% In Reaction To Elon Musk Tweet On Wealth Distribution

Dogecoin declined after Tesla CEO Elon Musk criticized the digital asset in a tweet. DOGE fell 20% following Musk’s comment. In the tweet, Musk said:

“If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.”

Last week, a different Elon Musk comment caused DOGE to soar 18%. At press time, CoinMarketCap data shows that Dogecoin is down 3.32% to $0.05927.

Recently, the original creator of Dogecoin, Billy Markus, commented on the coin, which he started as a joke. In a letter on Reddit, Markus talked about the recent DOGE frenzy. He noted that if Dogecoin reaches $1 according to predictions, the DOGE market value would surpass that of companies like Boeing, Starbucks, IBM, and American Express. He added:

“Does Dogecoin deserve that? That is not something I can recommend, let alone answer.”

Speaking further, the Dogecoin creator said he stopped being a member of the Dogecoin project in 2015. In the same year, Markus gave away and sold all of his DOGE.

Markus also talked about the coin’s value. He said:

“The fiat value of Dogecoin is quite literally whatever someone else is willing to pay for it at any point in time… so when I talk about value, I’m not talking about those things, I’m talking about ‘True Value,’ which I’d define as the positive things Dogecoin brings to the world.”

 Image Credits: Pixabay