Musk wants big investors out of DOGE, GameStop pauses ahead of testimony
By John Shepard
15:00, 16 February 2021
Elon Musk has said he would support large holders selling some of their Dogecoin (DOGE).
Musk said on Twitter: “If major Dogecoin holders sell most of their coins, it will get my full support”.
The Tesla (TSLA) co-founder and chief executive is a big fan of the “meme” coin and wants to see the coin supply spread more thinly to satisfy the decentralised theme. If some did look to sell big holdings it could make for a volatile time in the coin.
Bitcoin (BTC) is trading at the $48,800 level as the coin looks to make another push for the $50,000 level. The price came within $250 of that milestone on Sunday as investors cheered the latest interest from some of America’s biggest corporations and investors.
Will GameStop see action this week?
Investors return from a Presidents’ Day holiday in the United States and news on Friday saw the witness list for the GameStop (GME) squeeze announced. YouTuber Keith Gill will appear alongside Robinhood CEO Vlad Tenev, Citadel CEO Ken Griffin, Melvin Capital’s CEO Gabriel Plotkin and Reddit CEO Steve Huffman.
The event will take place on Thursday with the House Financial Services Committee seeking to find out what went on with the market upheaval. GME may see movement depending on the outcomes and some form of regulation may follow.
The stock has found buyers above the $50.50 level for three days in a row and this could provide a foundation for a bounce, however the House Committee hearing brings the risk of volatility.
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