In the last two weeks of April, Dogecoin whales have added over 100 million DOGE to their balances. This, however, doesn’t seem to have anything to do with recent announcements from Elon Musk or hype.

It looks more like a clean accumulation phase while the rest of the market stays distracted. Popular crypto analyst Alí Martinez shared with his over 130k+ followers that just last week alone, Dogecoin whales have added over 100M DOGE, sharing data from Santiment.

This means an increase in holdings from 10.42 billion DOGE to 10.55 billion, a considerable shift for wallets that typically fly under the radar.

Hot Stories: Ripple’s $5B Bid to Acquire Circle Rejected: Stablecoin Rivalry Heats Up

During the same window, DOGE climbed from $0.145 to $0.176 — a 21% gain — without the retail frenzy that usually drives these rallies. The price moved, but the volume stayed quiet. No meme cycles, no TikTok noise, just capital rotating in behind the scenes.

Dogecoin Market Outlook

According to data from CoinGecko, DOGE has seen modest gains, surging 1.9% in the last 24 hours, and 2.9% in the weekly chart. There’s a lot of room for growth, given that DOGE is down 75% from its all-time high in May 2021.

This surge in price means Doge is unfazed amid rumors that Tesla’s board is quietly looking to replace Elon Musk.

According to a report from WSJ, Tesla board members engaged executive search firms to explore CEO replacement options, triggered by Musk’s attention to the Department of Government Efficiency (D.O.G.E.).

The report claimed that directors confronted Musk directly, urging him to publicly recommit to Tesla. But the company fired back quickly.

“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.”

It’s worth remembering Dogecoin remains accepted as payment for Tesla merchandise. That integration has been live since 2022, allowing users to connect their wallets directly and transact with Tesla’s own DOGE payment infrastructure.

Read more: Whales Buy $4B in Bitcoin as ETF Inflows and Derivatives Volume Surge: Is Another Leg Up Coming?