Elon Musk says he is in support of top Dogecoin holders selling their coins

Tesla boss Elon Musk said on Sunday that he was in support of top dogecoin holders selling most of their coins. He said he felt the real issue was too much concentration on the mem-based digital currency.

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

Musk is a well-known supporter of digital currencies, and has actively participated in driving the process of Dogecoin and shares of US video game maker GameStop. He has been seen making Dogecoin supportive tweets on Twitter in recent weeks which contributed to the popularity of the coin.

Following Musk’s announcement, Dogecoin jumped to $0.05798 according to data from Coindesk, blockchain and cryptocurrency website. Dogecoin is currently the 12-th largest cryptocurrency with $8 billion in market cap.

Musks’ EV company Tesla announced on February 8 that it bought $1.5 billion worth of bitcoin and would soon start accepting Bitcoin as a form of payment for its vehicles.

Bitcoin’s value has increased 50% this year, but skeptics warn that it remains highly volatile and holds much risk. Regulators also warn of its vulnerability to illicit use on platforms like the dark web and other illicit platforms.