Elon Musk wants major Dogecoin holders to sell most of their coins as there's 'too much concentration' among them

• Elon Musk said he would support major holders of Dogecoin if they sell their coins.
• The Tesla founder thinks that too much concentration among top holders is an issue.
• Last week, Musk said he bought some Dogecoin for his 9-month-old son.

Billionaire Elon Musk said on Sunday that too much concentration of Dogecoin among its major holders is the only "real issue," and he would support them if they sell their coins.

"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 (in my opinion)."

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

Musk's tweeting spree has involved several posts about Dogecoin. He said last week he bought some of it for his 9-month-old son, prompting a 16% surge in its price. "Bought some Dogecoin for lil X, so he can be a toddler hodler," Musk tweeted, referring to the slang term "hodl" which is recognized in the crypto community as holding rather than selling.

Dogecoin fell 14% to 5.5 cents on Monday, although it has seen multiple highs this year sparked by Musk's tweets on the cryptocurrency. The meme-based token rose to an all-time high of 8.4 cents last week, up from about 1 cent at the start of 2021. It is now the 13th-largest cryptocurrency with a market cap of about $7 billion, according to data from Coin Gecko.

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