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UPDATE 1-Musk says he hasn't and won't sell any dogecoin

(Updates with background details)

May 20 (Reuters) - Tesla Inc Chief Executive Officer and cryptocurrency supporter Elon Musk said on Thursday he has not and will not sell any of his dogecoin holdings.

Earlier this month, he called the cryptocurrency a “hustle” during his guest-host spot on the “Saturday Night Live” comedy sketch TV show, leading prices to tumble.

"Yeah, I haven't & won't sell any Doge," Musk said on Twitter in response to a tweet on Thursday claiming he would never sell any of his doge holdings and that he was the "ultimate hodler". (bit.ly/342BQMU)

His tweets on dogecoin have turned the once-obscure digital currency into a speculator’s dream.

Musk has posted numerous comments about cryptocurrencies on Twitter this year, causing prices to gyrate.

Last week, Musk said Tesla would no longer accept bitcoin for car purchases, citing long-brewing environmental concerns for a swift reversal in the company’s position on the cryptocurrency.

Dogecoin was up 12% at $0.405, according to crypto exchange Binance. (Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)

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