Elon Musk criticized the centralization of assets in the case of Dogecoin, and calls on whales for sale. Meanwhile, the Rest of the Top pays 20 Coins, the bill for a bullish last week. The Market Update.
After a volatile weekend, the crypto market is licking its wounds. Bitcoin and the Top-20 Altcoins are showing to the editorial deadline significant losses in the day-to-Day. The biggest sell-off has “Memecoin” Dogecoin (DOGE).
Elon Musk calls on Dogecoin whales for sale
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The Twitter activity of the Tesla and SpaceX boss Elon Musk is for Dogecoin Holder a blessing and a curse at the same time. On the one hand, Musk Dogecoin in recent weeks, helped by a half-ironic Tweets to an enormous popularity, which is reflected in an increase of approximately 490 percent in the month. With his recent DOGE-Tweet, Musk has shown, however, that it can also encourage more sales. As Elon Musk suggested that the Dogecoin whales to reduce the size of your DOGE-positions, in order to ensure a better distribution of wealth within the Dogecoin cosmos.
If large Dogecoin Holder to sell the majority of your Coins, you will receive my full support. To a lot of concentration is the only real Problem imo [in my opinion].
Elon Musk via Twitter
Musk refers to the fact that over 54 percent of the DOGE are distributed in just 20 Wallets. A single address currently holds 28.7 percent of all Dogecoins.
Whether it is the unequal distribution of the DOGE’s assets, in fact, the only “real” Problem of the DOGE, depends on the rating scale to create. You look at him as a pure Meme Coin for the masses, you can leave the stand. If you want to look Dogecoin however, as a store of Value, which will be held in the lack of a cap on the total supply in conjunction with an Inflation of 10,000 DOGE per Minute, some other points of criticism.
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According to the Tweet from Elon Musk Dogecoin crashed in the meantime, under the brand of 0.05 US Dollar.
DOGE in the case of a U.S. Dollar: unrealistic?
If Dogecoin will reach the Community propagated price target of US $ ever, it is allowed to safely question. A Dogecoin exchange rate of one US Dollar would be equivalent to a market capitalization of about 128 billion dollars. This is a staggering number for a pure Meme Coin, has also deleted Dogecoin co-founder Billy Markus, most recently, in a detailed Reddit Post:
People talk about that Dogecoin is expected to rise to $ 1 – this would make the “market capitalization” is greater than actual companies that offer services for millions, such as Boeing, Starbucks, American Express, and IBM. Dogecoin to deserve this? This is something that I cannot understand, let alone answer.
Billy Marcus via Reddit
To the editorial deadline for the Dogecoin trends-course slight recovery. With 0,054 US $ Doge is still 16 percent below the level of the prior 24 hours.
Bitcoin rate in accordance with Stock-to-Flow model
Even in the crypto-currency Bitcoin, the weekend pulled a course correction after themselves. During the March on the mark of 50,000 US dollars, it came shortly before Reaching the next psychological significance brands to realize greater profit, the BTC in the meantime, under US $ 46,000 pressed.
The – crypto-conditions moderate – Price pullback to, Despite moves in Bitcoin, in accordance with the Stock-to-Flow model (S2F). According to the data of the analysis of house Glassnode BTC in the slide is the 7-day average, almost with a Stock-To-Flow Deflection of 0,977 only slightly below the level predicted by S2F.
It is striking that the differences have narrowed in the past few years tend to be. If you consider that S2F an ultra-bullishes model for the Bitcoin represents course, are likely to BTC Hodler welcome this development.
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