Elon Musk Says He Supports Top Dogecoin Holders Selling Most of Their Coins

"Too much concentration is the only real issue," Musk said in a tweet.

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Elon Musk Says He Supports Top Dogecoin Holders Selling Most of Their Coins

Photo Credit: Bloomberg

Dogecoin jumped to $0.05798 (roughly Rs. 4) according to data on cryptocurrency website Coindesk

Highlights
  • Announcement comes on heels of a social media embrace of Bitcoin by Musk
  • Bitcoin's value has risen by about 50 percent this year
  • Musk is an expert at disrupting corporate norms

Billionaire Elon Musk said on Sunday that he supports major holders of the meme-based digital currency Dogecoin selling most of their coins, adding that he felt too much concentration in Dogecoin was the "real issue".

"If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo", Musk said in a tweet.

A well-known supporter of cryptocurrencies, Musk has weighed in regularly on the recent frenzy in retail investment, driving up prices of Dogecoin and shares of US video game chain GameStop.

Musk's electric vehicle company Tesla revealed on February 8 it had bought $1.5 billion (roughly Rs. 10,890 crores) of the cryptocurrency Bitcoin and would soon accept it as a form of payment for cars.

The announcement comes on the heels of a cheeky social media embrace of Bitcoin by Musk, and marks the latest step in the mainstreaming of the cryptocurrency.

Bitcoin's value has risen by about 50 percent this year, but skeptics say it is still highly volatile and regulators warn it is vulnerable to illicit use.

Musk, an expert at disrupting corporate norms as well as economic structures, had briefly changed his Twitter bio to simply read "#bitcoin.

He also has taken to social media in recent days to promote Dogecoin, another digital money that was originally launched as a joke but has suddenly become more valuable.

Dogecoin jumped to $0.05798 (roughly Rs. 4) according to data on blockchain and cryptocurrency website Coindesk. Earlier this month, Musk first tweeted "Doge" and immediately followed it up with "Dogecoin is the people's crypto"


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