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

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FILE PHOTO: SpaceX founder and chief engineer Elon Musk looks at his mobile phone during a post-launch news conference to discuss the SpaceX Crew Dragon astronaut capsule in-flight abort test at the Kennedy Space Center in Cape Canaveral, Florida, U.S. January 19, 2020. REUTERS/Joe Skipper/File Photo

(Reuters) - 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 bit.ly/3aj5LEd.

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 U.S. video game chain GameStop.

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

Reporting by Kanishka Singh in Bengaluru; Editing by Kim Coghill

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