Dogecoin steady as Elon Musk denies Tesla CEO exit report

Dogecoin (CRYPTO:DOGE) prices remained largely unchanged after reports emerged that Tesla was considering replacing Elon Musk as CEO. 

The reports, which Tesla later refuted, suggested that board members had reached out to executive search firms about finding a replacement for Musk due to his involvement with the Trump administration. 

“This is absolutely false (and this was communicated to the media before the report was published). The CEO of Tesla is Elon Musk and the Board is highly confident in his ability to continue executing on the exciting growth plan ahead,” posted the company on X, with both Tesla and Musk denying the claims.

Musk also addressed the report, calling it a “deliberately false article” in a follow-up post. 

Despite the rumors, DOGE prices fluctuated between 16 and 17 cents over the past 24 hours, consistent with a flat market trend.

As a known backer of Dogecoin, Musk’s comments or developments in his companies tend to affect the memecoin’s prices.

Tesla has been accepting Dogecoin as payment for merchandise since early 2022, allowing users to directly connect their DOGE wallets for transactions on the site. DOGE is the only cryptocurrency that Tesla supports for merchandise payments.

This announcement comes amid ongoing interest in Musk’s involvement with cryptocurrencies, particularly Dogecoin, and its use in everyday transactions.

According to the company, these updates on Tesla’s CEO status have not impacted the wider adoption of DOGE.

​At the time of writing, the Dogecoin price was $0.1751.