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

Elon Musk, has spoken up in favor of Dogecoin (DOGE) holders moving their coins off centralized exchanges.

DOGE is back in game! Does the credit go to Coinbase and Elon Musk again

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

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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.

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

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia