Elon Musk, the world’s richest person, has frequently praised meme-inspired digital currency Dogecoin in his tweets.

Elon Musk. (File Image)

Elon Musk. (File Image)

Tesla Chief Executive Officer (CEO) Elon Musk on February 14 said there is “too much concentration” among major Dogecoin holders, and said he will support them if they sell most of their coins.

“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.

Musk, the world’s richest person, has frequently praised the meme-inspired digital currency in his tweets, even saying that he bought “some” for his son. He has even called it the “people’s crypto”.

Musk’s tweets have caused a recent surge in the price of Dogecoin, the world’s 12th largest cryptocurrency.

He has frequently tweeted about Bitcoin, even recently adding “#Bitcoin” to his Twitter bio, which has now been deleted.

Tesla on February 8 said it has purchased $1.5 billion worth of Bitcoin, and might start accepting it as a form of payment for its products in the “near future”.

Moneycontrol News

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