Concentration of Power is the ‘Only Real Issue’ with DOGE says Tesla’s Elon Musk

While Dogecoin’s original creator, Billy Markus, can’t comprehend the insanity going around the meme cryptocurrency’s prices, Tesla CEO will “literally pay” actual dollars to get its major holders to sell their coins.

During this week’s sell-off, the popular Dogecoin has taken the hardest beating among the top cryptocurrencies.

The meme cryptocurrency went down to $0.0473, about halving its value from last week’s high above $0.088. As of writing, DOGE/USD has found its way above $0.062, much like the rest of the crypto market, which recovered fast after the dip which has been propelled by the highly leveraged traders.

The cryptocurrency is still a long way from $1 that many degens have been targeting for this token, which its original creator Billy Markus, not Tesla CEO Elon Musk, just can’t comprehend. He doesn’t have any DOGE except what has been tipped to him recently, shared Markus in his Reddit post last week.

While Markus has nothing to do with the coin now, having left around 2015, Musk has shared his concern about the concentration of power among DOGE holders. 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,”

“I will literally pay actual $ if they just void their accounts.”

According to Bitinfocharts, 28.7% of DOGE’s supply is held by just one address, which owns more than 36.8 billion DOGE worth over $2 billion.

A mere 11 addresses hold 19.85% of coins, a total of 25 billion DOGE worth nearly $1.4 billion, while another 91 addresses have a total of 25.2 billion DOGE that is worth almost $1.38 billion.

The largest number of holders, over 1 million addresses, own between 1-10 DOGE. As per this, 87.68% of addresses hold 0% of the DOGE supply.

Dogecoin rich list

Source: bitinfocharts – Dogecoin Distribution

There are only 58 addresses that are richer than $10 million and 393 addresses that are richer than $1 million.

These numbers clearly show the ownership of DOGE is highly skewed, with very few having nearly all the DOGE coins.

And the answer to this, as one DOGE enthusiast recommended and Musk agreed with, “Whales will have to consider Elon's ultimatum here. If they comply, Dogecoin becomes the currency of the internet. If they don't, or “cheat” by distributing their coins across multiple wallets, then it loses Elon's endorsement. Easy decision for the whales. Do the right thing.”

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