Dogecoin surprisingly dipped nine per cent Monday to 0.057 cent, a day after Elon Musk offered support for the digital currency.

Dogecoin, which recorded a high of 0.087 on February 7, is down by almost 34 per cent as of 3.30PM Nigerian time.

On Sunday, billionaire Elon Musk said he would buy the coin if its top holders agreed to sell, saying he considered too much concentration of Dogecoin among its major holders the only “real issue”.

“If major Dogecoin holders sell most of their coins, it will get my full support,” Mr Musk said on Twitter. “Too much concentration is the only real issue imo (in my opinion).”

“I will literally pay actual $ if they just void their accounts,” he later added.

Mr Musk, the chief executive of the electric car maker Tesla, has tweeted multiple times in support of cryptocurrencies, and his posts have pushed the coins to new rates.

On February 6, Mr Musk described Dogecoin as the “future currency of the Earth.”

Later, he announced that he had bought some Dogecoins for his nine-month-old son.

Last week, Tesla announced it had bought $1.5 billion of bitcoin, and that it would start accepting payments in bitcoin for its products.

This had an impact on the prices of the digital currency, with Bitcoin hitting a new all-time high of $49,900 over the weekend.

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