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The value of Dogecoin falls 23% as Elon Musk criticizes DOGE's list of rich: The richest in the world gives, and the richest in the world takes away.

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The value of Dogecoin (DOGE) sank 23% in a matter of hours on February 15, after Elon Musk called attention to a new account on his Twitter account, where he criticized the centralization of tokens and the hugely uneven distribution. of the Dogecoin cryptocurrencies. This price decline coincided with a drop across the cryptocurrency market. Bitcoin (BTC) fell 5%, while Ethereum (ETH) fell 8%. However, DOGE has seen a particularly substantial drop, at one point losing 25% of the daily open.

All of this happened just before Musk tweeted:

“If the main Dogecoin holders sell the majority of their coins, they will get my full support. Too much concentration is the only real problem in my opinion [in my opinion] ”.

Just over seven hours later, Dogecoin's price had plunged 23%, from $ 0.063 to $ 0.048. DOGE's 23% drop may not be entirely due to Musk's tweet. Bitcoin along with other major cryptocurrencies were swimming in a red sea on Monday morning. Around the same time that DOGE fell, $ 105 billion left the total market capitalization of the cryptocurrency sector. Other cryptocurrencies also posted losses of more than 20%.

Is Elon Musk just trolling the crypto community with his support for Dogecoin?

It is worth mentioning that Musk tweets a lot about Dogecoin, which is why his interactions with this coin so far have been based mostly on memes, rather than any type of investment strategy. Elon Musk's flirtation with Dogecoin appears to be largely in the name of humor, as it may be that he is having fun, trolling or tweeting his genuine concerns, Musk has clearly demonstrated which cryptocurrency he prefers to put his money where his mouth is. Telsa made a massive acquisition of Bitcoin, but does not own a single DOGE.

Posted Using LeoFinance Beta