Tesla CEO Elon Musk continues to stir the cryptocurrency pot, now supporting an idea for dogecoin hoarders to sell off their interests.
Sunday night, Musk tweeted “If major Dogecoin holders sell most of their coins, it will get my full support.
“Too much concentration is the only real issue (in my opinion).”
Musk is certainly keenly interested in the future of cryptocurrency.
Tesla announced earlier this month it had invested $1.5 billion in bitcoin and that the company has plans to accept cryptocurrency payments in future transactions.
As for dogecoin, which Musk said he targeted – and invested in – mainly for his infant son, there would be cash if the major holders were to sell.
“I will literally pay actual $ if they just void their accounts,” he tweeted early on Monday.
The SpaceX founder’s interest in dogecoin, which began as something of prank in 2013 based on a popular internet meme, has helped drive it to No. 10 on the list of virtual currency, according to CoinMarketCap.com.
MarketWatch reported that dogecoin had fallen 9 percent to begin this week, and since its peak one week ago it is down about 34 percent. Reports say it is still roughly 900% up year-to-date.
After Musk, along with Dallas Mavericks owner Mark Cuban, mentioned dogecoin in tweets early this month, the cryptocurrency surged 44% and planted itself firmly in the minds of the investment community.
Musk’s plan doesn’t appear to include selling off his interests. In response to another Twitter user’s suggestion that Musk’s “sell” tweets were a sign that he “legitimately sees Dogecoin’s potential as being the leading currency of the internet,” Musk replied, “Absolutely.”