Dogecoin rallied more than 5% in the last 24 hours, climbing from $0.163 to $0.171, as Elon Musk’s launch of the America Party fueled optimism around a more crypto-aligned political future.
The breakout was backed by over 1.1 billion in trading volume, establishing strong support at $0.166. Whale wallets accumulated aggressively during the move, even as smaller holders exited, suggesting renewed institutional confidence in DOGE.
News Background
- Elon Musk’s surprise announcement of the America Party over the weekend reignited political and crypto debate alike.
- His platform, which includes strong pro-Bitcoin language and sharp criticism of Donald Trump’s “anti-innovation” financial agenda, has sparked speculation about DOGE’s role as a cultural and financial asset in Musk’s movement.
- While no formal mention of Dogecoin was made, Musk’s history of integrating DOGE into Tesla and X (formerly Twitter) products has fueled speculation that the token may play a symbolic or transactional role in the new party’s vision.
- The announcement comes amid broader economic uncertainty. President Trump’s July 9 tariff deadline looms large over global markets, contributing to volatility in crypto and equities alike.
- Despite this, DOGE saw heavy buying from whale wallets — particularly those holding 1M–100M DOGE — even as retail positions declined, according to on-chain data from IntoTheBlock.
Technical Analysis Highlights
- DOGE surged 5.01% over 24 hours from 6 July 03:00 to 7 July 02:00, moving from $0.163 to $0.171.
- A breakout occurred between 12:00–13:00 on 6 July, with price jumping from $0.166 to $0.173 on 1.14 billion in volume.
- Strong support established at $0.166, with price consolidating between $0.170 and $0.173 after peaking at $0.174.
- Key resistance observed at $0.173 during late-session selling (21:00–23:00).
- In the final hour, DOGE gained 0.85%, breaking above $0.171 with notable spikes at 01:16 (12.8M) and 01:36 (8.0M).