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Elon Musk Says He Supports Top Dogecoin Holders Selling Most of Their Cryptocurrency

File photo of Elon Musk. Credits: AFP.

File photo of Elon Musk. Credits: AFP.

Bitcoin recently stood at $48,700 (roughly Rs 35,36,700) on Sunday morning, up more than 3 percent. It had traded as high as $49,714 (roughly Rs 36,10,000) earlier in the day.

Billionaire Elon Musk said on Sunday that he supports major holders of the meme-based digital currency dogecoin selling most of their coins, adding that he felt too much concentration in dogecoin was the “real issue”. "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 US video game chain GameStop. Musk’s electric vehicle company Tesla Inc revealed on February 8 it had bought $1.5 billion of the cryptocurrency bitcoin and would soon accept it as a form of payment for cars.

Cryptocurrency is witnessing a great surge in value in 2021. Bitcoin, earlier today hit a new record high and approached $50,000 on Sunday, building on its record rally as Wall Street and Main Street increasingly adopt the world’s biggest cryptocurrency. Bitcoin recently stood at $48,700 (roughly Rs 35,36,700) on Sunday morning, up more than 3 percent. It had traded as high as $49,714 (roughly Rs 36,10,000) earlier in the day. The cryptocurrency is up almost 70 percent year to date. After long being shunned by traditional financial firms, bitcoin and other virtual currencies appear to be increasingly entering the mainstream as an asset and routine payment vehicle.

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