Elon Musk said on Sunday that he supports the sell off of the meme-based digital currency dogecoin by its major owners. He added that the “real issue” with the digital currency was “too much concentration.”
“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 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.