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Elon Musk Backs View That Dogecoin Supporters Need To Break Free From Centralized Exchanges Like Robinhood, Binance

Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk has responded to a tweet that noted meme cryptocurrency Dogecoin (CRYPTO: DOGE) should break its dependence on centralized exchanges like Robinhood Markets Inc. (NASDAQ:HOOD) and Binance.

What Happened: Musk was responding to a post from Bill Lee, the founding partner at West Coast Holdings and an investor in Musk’s space company SpaceX as well as his neurotechnology startup Neuralink.

Musk tweeted, “Exactly,” after Lee reacted with a “not your keys, not your crypto” comment to a post from a user with the Twitter handle “MyDoge CTO,” who is building the “MyDoge” social wallet.

See Also: How To Buy Dogecoin (DOGE)

Why It Matters: Musk is a big supporter of Dogecoin. The tech tycoon has been a major catalyst for the meme coin’s rise to prominence this year.

Binance and Robinhood are some of the cryptocurrency exchanges that support Dogecoin. These exchanges allow users to buy and sell coins using fiat or other cryptocurrencies.

Centralized exchanges are seen as targets for cryptocurrency hackers as they hold custody of the user’s cryptocurrency assets. Hackers could steal the funds held on the platform if they are able to breach the exchange.

The use of a cryptocurrency wallet will help to mitigate the risk and allows the cryptocurrency user to hold custody of his cryptocurrency.

Price Action: Dogecoin is up 1.3% during the past 24 hours, trading at $0.2212 at press time.

Read Next: ‘Sounds Shady’: Elon Musk Takes Aim At Binance Over Treatment Of Dogecoin Customers

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