Will support if major Dogecoin holders sell their coins: Elon Musk

After vouching for Bitcoin, Tesla CEO Elon Musk has now said that if major Dogecoin cryptocurrency holders sell their coins, he will give them his full support.

Dogecoin is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system. Nearly 113 billion coins have already been mined.

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

Amid the surge in Bitcoin and Ether cryptocurrencies, Dogecoin has surged more than 659 per cent this year.

For Musk, Dogecoin is "people's crypto" and he has even bought some coins for his son.

Earlier this month, the tech billionaire triggered a surge in Dogecoin's price with a single word tweet "doge".

Dogecoin surged by over 50 per cent in just 24 hours.

In subsequent tweets, the Tesla and SpaceX CEO said "Dogecoin is people's crypto" and "No highs, no lows, only Doge".

Last week, Tesla announced it has invested $1.5 billion in the Bitcoin cryptocurrency.

The announcement led to a surge in the price of one Bitcoin, that was hovering around $44,000,

Tesla said it will also "begin accepting Bitcoin as a form of payment for our products in the near future."

The announcement comes amid renewed interest shown by Musk in cryptocurrency and requests from Tesla customers for accepting Bitcoin for buying the cars.