Tesla sold something like $100M to test the liquidity of Bitcoin. Nobody tested to sell $5B of a cryptocurrency, let a lone a meme coin.
Next month, $8B of Bitcoin that have been locked in Mt. Gox are expected to be released to their owners. That could become the biggest liquidity test in the history of crypto.
Next month, Mt. Gox is only expected to officially ratify approval of a plan to distribute the remaining $8B USD in bitcoin. Although nobody knows when the distribution will actually take place (6/12/18/24+ months), based on the timing of steps outlined in the approved plan, the distribution is definitely not happening next month.
They sold because it was the best way to have a book profit for the quarter
Anyway they always said it was to "prove" it's liquid and just as good as holding cash, not to "test" it.
https://www.bnnbloomberg.ca/musk-says-tesla-sold-bitcoin-to-...
I don't read too much into that in terms of how much a large trade would move the market, but it's something.
Well, this is a textbook FOMOing.
And a textbook scamcoin. They shilled it hard before a FOMO chain reaction began. Good job. Good profits.
If this account belongs to someone with already deeper pockets (say someone who put 8 grand in a bunch of coins), wouldn't they have already learned that taking money off the table is a good idea when you slug it out of the solar system? Let alone with a dog coin.