- Dogecoin remained stable around $0.175 despite rumors about Tesla seeking a new CEO.
- Tesla and Elon Musk denied reports of a leadership change amid concerns over his political involvement.
- DOGE showed minimal reaction to the rumors, reflecting a maturing market response to Musk-related headlines.
Dogecoin (DOGE) held steady around the $0.175 mark despite rumors of a leadership shakeup at Tesla involving Elon Musk. The price increased by 0.5% in the last 24 hours, reflecting limited market reaction. Although the speculation was denied, the token showed unusual stability compared to past Musk-related developments.
Tesla Leadership Rumors Fail to Move DOGE Price
Recent information revealed that Tesla’s board had contacted executive search firms to address their concerns regarding Elon Musk’s growing political involvement. Tesla and Musk rejected the statements, classifying them as incorrect. The market reaction to Dogecoin showed minimal price volatility as evidence of Musk’s decline in influence on its value.
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. Market 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. Market participants have evolved their responses to Musk-related news based on these recent examples.
Spot DOGE ETF Optimism Sparks Bullish Sentiment
The crypto market demonstrates rising interest about the upcoming approval of a spot Dogecoin exchange-traded fund because it signifies a transformation for the token’s future direction. Nasdaq 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.
Analysts and market traders have become optimistic following the optimistic signals about SEC approval. Because of this development, new capital will enter the market through regulated financial institutions. 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 demonstrate 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 occurs after the Accumulation Cylinder pattern is validated by increased volume traded. Many Dogecoin participants anticipate upcoming price surges that will take the currency into new elevation territories.