And yet, Mr Musk appears to have changed his tune, tweeting on February 14, the token was being held back by a lack of trading.
He tweeted: "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 a follow-up tweet, he said: "I will literally pay actual $ if they just void their accounts."
An analysis of digital wallets has recently revealed 25 percent of all dogecoin are held by just 19 wallets.
And more than 36 billion of the 113 billion tokens that have been mined for far are being held by one person.
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