Elon Musk says he supports top dogecoin holders selling most of their coins

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”.

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"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.

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Earlier this month, Dogecoin surged more than 50%  after billionaire entrepreneur Elon Musk tweeted his support for it, two days after he said he was to take a break from Twitter “for a while”.

Dogecoin jumped to $0.05798 according to data on blockchain and cryptocurrency website Coindesk. Musk first tweeted “Doge” and immediately followed it up with “Dogecoin is the people’s crypto”.

Musk’s electric vehicle company Tesla revealed on February 8 it had bought $1.5 billion of the cryptocurrency bitcoin and would soon accept it as a form of payment for cars.