He supports top Dogecoin investors who sell most of their coins, Elon Musk says



On Sunday, billionaire Elon Musk said he backed big holders of the Dogecoin meme-based digital currency selling much of their coins, adding that he thought the "real issue" was too much focus of Dogecoin.



If major Dogecoin holders sell more of their coins, my full support will be given. The only real concern is too much focus, "If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue IMO"

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.



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 news arrives on the heels of a cheeky Bitcoin social media welcome by Musk, which marks the next step in the cryptocurrency's mainstreaming.


This year, the valuation of Bitcoin has increased by around 50 percent, but skeptics argue it is still incredibly unpredictable and regulators warn it is vulnerable to illegal usage.

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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