August 12, 2022

Dogecoin drops 23% as Elon Musk slams DOGE rich list


The value of Dogecoin (DOGE) sunk 23% in a matter of hours on Feb. 15, after Elon Musk drew attention to the vastly unequal distribution of DOGE coins and urged major holders to sell off their holdings.

Dogecoin has one of the most unequal coin distributions in the cryptocurrency space, with 28.7% being held by just one person, and the top 12 holders possessing almost 50% of the supply. Just before midnight on Feb. 14, Musk 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.”

Little over seven hours later, the Dogecoin price had plunged 23%, from $0.063 to $0.048. While Musk’s tweets have previously been credited with moving cryptocurrency prices, not least Dogecoin, his role in Monday’s drop was less clear given that over $105 billion departed the rest of the global market cap at the same time.

Losses in excess of 20% were a common sight among the crypto market cap rankings, with altcoins in particular subject to an enormous pullback. Analysts suggest this was caused by Bitcoin’s (BTC) push to a new all-time high just hours earlier, which pulled volume out of the altcoinTitle: Dogecoin drops 23% as Elon Musk slams DOGE rich list
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Published Date: Mon, 15 Feb 2021 08:58:34 +0000