For Elon Musk, CEO of Tesla, a company that invested $ 1.5 billion in bitcoin, Dogecoin's only real problem (DOGE) is the concentration of coins in a few addresses. If this were resolved, the entrepreneur would give Dogecoin his “full support”.
According to BitInfoCharts data, the top 100 DOGE portfolios hold 50.91% of the coins in circulation. In comparison, that number is 19% for Bitcoin (BTC) and 34% for Ethereum (ETH).
This high concentration is certainly a barrier to the mass adoption of cryptocurrency, which was created only to serve as a meme (just a joke). In addition, since a large amount of the currency's stock is held by a small group of wealthy people, the chances of the currency losing its value due to sudden price drops are very high.
So to solve this problem, Musk, who has more than 46 million followers on Twitter, presented these big DOGE holders with an offer to liquidate a substantial amount of their stock in exchange for their support.
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