** Dogecoin Surges 7% After Elon Musk Proposes New Political Party**
Dogecoin (DOGE) surged 7.17% in the last 24 hours to US$0.1748 on Monday (07/07). This occurred after Tesla CEO Elon Musk proposed the establishment of a new political party called "America Party" on Saturday (06/06).
This increase even outpaced Bitcoin by 1.25% and Ethereum by 2.49%. The market views this news as reducing short-term macroeconomic risks, especially ahead of the expiration of the 90-day tariff pause on August 1.
Although there were no direct announcements regarding DOGE integration, Musk's historical influence on retail traders has rekindled buying interest.
On-chain data shows that 65.96% of DOGE wallets are long-term holders (more than 12 months), and large transactions over US$100,000 by whales increased by 31% in the past week.
Nonetheless, this rise in Dogecoin follows a broad crypto market rally after U.S. Treasury Secretary Scott Bessent hinted at an extension for tariff negotiation deadlines ahead of the July 9 deadline.
From a technical perspective, DOGE's bullish momentum has been further confirmed after successfully breaking through the 7-day moving average (Simple Moving Average) at US$0.166 and the pivot level at US$0.16999.
The Moving Average Convergence Divergence indicator shows a positive histogram (+0.00204) for the first time since June 25, while the RSI(14) rose from 45 to 50.5, indicating that DOGE has exited the oversold territory.
Dogecoin's trading volume also surged by 194.87% to US$1.25 billion, reinforcing the validity of the price movement. Currently, the Fibonacci zone of US$0.174 to US$0.185 is an important resistance area to watch.
On-chain data shows that 65.96% of DOGE addresses are long-term holders (more than 12 months), and large transactions over US$100,000 by whales increased by 31% in the past week.