Tesla CEO Elon Musk on Sunday lent his support to major holders of the meme-based cryptocurrency Dogecoin selling most of their assets. Musk said he the real issue was too much concentration in Dogecoin.

"If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo," Musk posted on Twitter.

The billionaire is a vocal supporter of cryptocurrencies. Earlier this week, Bitcoin briefly pushed to a record-high of $48,215.83 after Tesla announced a $1.5 billion investment in the digital money. The electric carmaker also announced that it plans to accept the cryptocurrency from customers buying its electric vehicles.

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Musk had also weighed in on the retail investment frenzy into dogecoin and shares of the US video game chain GameStop.