fbpx

Elon Musk Encourages Dogecoin (DOGE) Holders to Leave Centralized Exchanges

Centi-billionaire and long-time Dogecoin advocate, Elon Musk, has spoken up in favor of Dogecoin (DOGE) holders moving their coins off centralized exchanges.

Reacting to the “not your keys, not your crypto” post, Musk tweeted, “Exactly.” An earlier post from MyDoge CTO advised users to leave centralized exchanges like Binance. The original post reads:

This is not the first time Elon Musk has encouraged Dogecoin holders to move to decentralized exchanges. In February, Musk noted that any wallet that does not allow its users to control their funds should be “avoided at all cost.”

On The Flipside

  • Binance still contributes the largest portion to Dogecoin’s trading volume, accounting for more than 26% of all trades in the last 24 hours

Musk and Doge Vs. Binance

Musk’s renewed stance for Doge holders moving outside CEXs (including Binance) all started with an upgrade that has restricted Dogecoin holders from withdrawing funds from Binance. Some others have been asked to return funds that they never held.

The centi-billionaire joined the Doge community in calling out Binance, and the exchange’s CEO, Changpeng Zhao (CZ), on the technical issue. Although CZ has addressed the problem on Twitter, the withdrawal glitch has been extended by another week.

Why You Should Care?

While Dogecoin may be a meme coin without usability, the strength of the Doge community is unrivaled among crypto projects.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

    You can always unsubscribe with just 1 click.

    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

    Rate This Article
    In order to improve, we give you the opportunity to rate DailyCoin content
    Author

    Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.