Elon Musk, a staunch “preacher” and supporter of the Dogecoin crypto currency, said that there is a very large concentration of this currency in a few hands and stressed that he will support its key holders if they decide to sell their stocks.


If the major Dogecoin holders sell most of their holdings, they will have my full support,” the powerful man and co-founder of Tesla said via Twitter a few days ago. “The high concentration in a few hands is the only serious problem,” he added.


The Shiba Inu-themed cryptocurrency has been in the spotlight of small investors in 2021, reaching a record high of 8.4 cents, while the year had started at 1 cent.


Dogecoin is now the 13th largest cryptocurrency in the world. Musk, one of the richest men in the world, has contributed to Dogecoin’s growing popularity, having been mentioned on Twitter several times. He even bought some of the crypto currency for his son.