Meme cryptocurrency Dogecoin tanked over 10 percent right after Digital Currency Group CEO Barry Silbert disclosed that he had shorted it with the help of Dogebear, a 3x leveraged ERC-20 short token that is trading on the FTX exchange.
He urges DOGE holders to convert their proceeds into Bitcoin, the largest cryptocurrency, while vowing to donate any money DCG makes on the trade to "financial education" and BTC-related causes:
Any money we make on this we're going to donate to financial education and bitcoin- related causes.
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Silbert is throwing down the gauntlet to Telsa CEO Elon Musk, the most prominent Dogecoin supporter, and his loud army of retail investors.
The crypto king's tweet came just hours before Musk is going to make his much-awaited hosting debut on "Saturday Night Live."
Dan Burgin
Vladislav Sopov
U.Today Editorial Team