DOGE Surges 5.53% as Elon Musk’s Announcement Sparks $1.3B Trading Volume and Bullish Momentum

Dogecoin (DOGEUSDT) has experienced a 5.53% price increase over the past 24 hours, currently trading at $0.17263, with a 24-hour open of $0.16358. The recent price movement is attributed to heightened market attention following Elon Musk's announcement of the 'America Party' on July 5, 2025, which drew renewed interest to Dogecoin across social media platforms. Additionally, increased trading volume—over $1.3 billion in the last 24 hours—and notable whale activity have contributed to the asset's volatility. Technical factors, such as the defense of key support levels and the emergence of potential bullish patterns, have further supported positive sentiment, although analysts remain divided on the short-term outlook due to ongoing resistance at higher price levels. Dogecoin's market capitalization now exceeds $26 billion, maintaining its position among the leading cryptocurrencies.