Despite Rumors of Tesla Seeking a Replacement for Elon Musk, DOGE Has Managed to Maintain Its Footing

Despite the rumors of Tesla seeking a replacement for Elon Musk, a known Dogecoin DOGE $0.18 24h volatility: 1.0% Market cap: $26.26 B

Reports suggesting that Tesla's board had approached executive search firms to consider a leadership change due to Elon Musk's growing involvement with politics were covered by the Financial Times.

However, the company and Musk have denied these claims, calling them "deliberately false".

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

— Elon Musk (@elonmusk) May 1, 2025

Tesla has accepted Dogecoin as payment for merchandise since early 2022, and remains the only major company to do so.

Given Musk's long-standing influence over DOGE price, any shift in his professional focus often affects the DOGE market.

However, in this case, the token's price barely changed. This suggests that investor sentiment may be maturing beyond Musk-centric headlines.

Dogecoin ETF Momentum Builds

Meanwhile, analysts have started stating bullish outlook for the largest meme coin amid growing optimism over the launch of a spot DOGE ETF.

Bloomberg's popular ETF analysts Eric Balchunas and James Seyffart have recently predicted an 80% chance of a SEC approval by the 2025-end.

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

— Eric Balchunas (@EricBalchunas) April 30, 2025

On April 29, Nasdaq filed a 19b-4 form with the SEC to allow the listing of shares for the 21Shares Dogecoin ETF. This came just weeks after 21Shares, in collaboration with the Dogecoin Foundation's corporate arm, House of Doge, submitted an S-1 registration to the agency.

Meanwhile, on-chain data shows that whales have accumulated over 100 million DOGE (worth around $17.5 million) in the last week alone.

Whales have bought 100 million #Dogecoin $DOGE over the past week! pic.twitter.com/eKihSdKPXB

— Ali (@ali_charts) May 1, 2025

On the daily DOGE price chart, Dogecoin is trading just above the midline (20-day SMA) of the Bollinger Bands, indicating mild upward momentum. If it breaks above the upper Band around $0.19, it could retest the $0.21 resistance level.

DOGE price chart | Source: TradingView

The RSI is neutral at 53.7, suggesting neither overbought nor oversold conditions. If DOGE fails to hold above the $0.165 support zone, it could see a short-term bearish pressure toward $0.15.

$DOGE prints a textbook Accumulation Cylinder 3 on the 3-day chart since July 2024.

According to this pattern, we should see a giant pump in the next few months 🔥 🚀

We don’t know what the catalyst will be, but something interesting is coming. Add here the BTC Dominance topping out and we have a perfect recipe … pic.twitter.com/M5SNbzZl4T

— CryptoBullet (@CryptoBullet1) April 30, 2025

Interestingly, DOGE has also been printing a textbook Accumulation Cylinder on the 3-day chart since July 2024. According to popular crypto analyst CryptoBullet, traders could see a giant pump in the next few months.