Despite Elon Musk Leadership Rumors, Dogecoin (DOGE) Held Steady

Despite rumors of a leadership shakeup at Tesla involving Elon Musk, Dogecoin (DOGE) held steady around the $0.175 mark.

Dogecoin (CRYPTO: DOGE) held around the $0.175 mark despite rumors of a leadership shakeup at Tesla (NASDAQ:TSLA) concerning Elon Musk. The price went up by 0.5% in the last 24 hours, showing a small change in response.

This comes after the rumors were shot down by both Tesla and Musk, classifying the statements as incorrect. The token showed stability compared to past Musk-related developments.

Tesla’s board contacted executive search firms to address their concerns regarding Elon Musk’s growing political involvement, according to recent information.

The company’s leadership is also interested in selling its remaining bitcoin (CRYPTO: BTC) holdings to diversify the firm’s investment portfolio, according to a report by The Wall Street Journal.

The report comes after rumors of a leadership change at Tesla surfaced on Thursday, leading to a 0.95% decrease in the company’s stock price.

However, the rumors were quickly denied by both Tesla and Musk via email.

"The report about Elon being advised to reduce his political activity is false. We can attest to this and are surprised by the publication of such an article with claims that are not true," a Tesla spokesperson told My Token Guide.

"The report about the board of directors contacting search firms to replace Elon is also not true. We are surprised by the publication of such an article with claims that are not true."

The market reaction to this development showed minimal price volatility as evidence of Musk’s decline in influence on its value.

It is an EXTREMELY BAD BREACH OF ETHICS that the @WSJ would publish a DELIBERATELY FALSE ARTICLE and fail to include an unequivocal denial beforehand by the Tesla board of directors! https://t.co/9xdypLGg3c

Tesla decided to start accepting Dogecoin payments when buying its merchandise during the initial months of 2022 and continues to be the unique leading company that enables this option. Past statements from Elon Musk and his activities create immediate price volatility of large magnitudes for DOGE within short periods.

The participants in this situation did not exhibit their typical response behavior.

The change in sentiment signals a more predictable market reaction, which occurs along with increased focus on the coin’s core developments. The rumor failed to cause significant trader movement between entering and exiting the market.

The participants have evolved their responses to Musk-related news based on these recent examples.

Spot DOGE ETF Optimism Sparks Bullish Sentiment

The crypto market shows interest in the upcoming approval of a spot Dogecoin exchange-traded fund as it signifies a transformation for the token’s future direction.

Nasdaq (NASDAQ:NDAQ) filed a 19b-4 form with the SEC on April 29, submitted for the 21Shares Dogecoin ETF listing. The S-1 registration occurred first from 21Shares and House of Doge before they filed the 19b-4 form.

According to Eric Balchunas and James Seyffart of ETF analyst ranks, the SEC is 80% likely to authorize the spot Dogecoin exchange-traded fund before the end of 2025. The approval of a 21Shares Dogecoin ETF by the SEC would signify a substantial boost towards institutional adoption of the token.

The clearance of this ETF will make it the initial distributed ETF for DOGE within the United States.

Would love to hear directly from Atkins, but all good chance of happening. Here’s our latest odds of approval for all the dif spot ETFs via @JSeyff https://t.co/nLhYJJmO9U pic.twitter.com/4AcJVwhics

Analysts and market traders have become optimistic following the optimistic signals about SEC approval. Due to this development, new capital will enter the market through regulated financial institutions.

The investors’ positive outlook may affect DOGE’s future ranking position as a top digital asset.

Whales Accumulate 100 Million DOGE as Accumulation Pattern Builds

Large wallet addresses acquired a total of 100 million DOGE worth $17.5 million during the previous seven days. Major market participants show increased confidence through the boosted whale accumulation of bitcoins into their wallets.

This recent surge in whale activity supports market expectations of an imminent significant price movement.

Source: X

The daily price of DOGE is above its 20-day Simple Moving Average while maintaining upward momentum between Bollinger Bands. After breaking decisively above $0.19, the price should aim for $0.21. The current technical market indicators reveal a neutral stance without major market speed changes.

DOGE price chart | Source: TradingView

Dogecoin created an Accumulation Cylinder according to analyst-noted chart patterns on the 3-day chart during July 2024. A positive indication of substantial price appreciation often