Elon Musk Pledges 'Full Support' for Major Dogecoin Holders Selling Most of Their Coins

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Trace William Cowen
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Image via Getty/BRITTA PEDERSEN/POOL/AFP

Elon Musk backs the idea of “major Dogecoin holders” selling the bulk of their coins.

In a tweet shared Sunday night, the SpaceX founder said such a move “will get my full support” while highlighting “too much concentration” as an issue worth tackling. Later, Musk—who has previously expressed support for Dogecoin—said he would “literally pay actual money” if these holders voided their accounts.

Early Monday morning, MarketWatch reported that Dogecoin had fallen 9 percent, adding that—since its Feb. 7 record high—Dogecoin is now down about 34 percent. Still, the cryptocurrency is said to still be up around 900 percent when it comes to year-to-date numbers.

Earlier this month, Musk’s Tesla Inc. announced a $1.5 billion bitcoin investment, as well as plans to accept cryptocurrency payments.

In an SEC filing shared to the Tesla website last week, a company rep explained the company’s investment policy had been updated in January to provide for greater flexibility in further diversifying and maximizing return on its cash “that is not required to maintain adequate operating liquidity.” An aggregate $1.5 billion has been invested by the company in bitcoin under that new policy, with plans “in the near future” to start accepting bitcoin as a form of payment for customers.

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