Dogecoin has risen over 5% in the past 24 hours, increasing from $0.163 to $0.171, as Elon Musk's launch of the America Party boosted optimism about a more politically connected future with cryptocurrency.

This breakthrough is supported by a trading volume of over $1.1 billion, establishing strong support at $0.166. Whale wallets are accumulating strongly throughout the movement, even as smaller holders have exited, indicating renewed confidence from institutions in DOGE.

News Context

  • Elon Musk's surprising announcement about the America Party over the weekend sparked a debate about politics and cryptocurrency.

  • His platform, including strong pro-Bitcoin language and sharp criticism of Donald Trump's 'anti-innovation' financial agenda, has raised speculation about DOGE's role as a cultural and financial asset in Musk's movement.

  • Although there has been no official mention of Dogecoin, Musk's history of integrating DOGE into Tesla products and X (formerly Twitter) has fueled speculation that the token could play a symbolic or transactional role in the vision of the new party.

  • This announcement comes amid a more unstable economic backdrop. President Trump's July 9 tax deadline is significantly impacting global markets, contributing to volatility in both cryptocurrencies and stocks.

  • Despite this, DOGE continues to see large purchases from whale wallets—especially those holding 1 million to 100 million DOGE—even as retail positions decline, according to on-chain data from IntoTheBlock.

Technical Analysis Highlights

  • DOGE surged 5.01% in a 24-hour period from 03:00 on July 6 to 02:00 on July 7, rising from $0.163 to $0.171.

  • The breakout occurred around 12:00–13:00 on July 6, with the price increasing from $0.166 to $0.173 on a trading volume of 1.14 billion.

  • Strong support levels were established at $0.166, with prices stabilizing between $0.170 and $0.173 after peaking at $0.174.

  • Key resistance levels were observed at $0.173 during the last selling session (21:00–23:00).

  • In the last hour, DOGE increased by 0.85%, surpassing $0.171 with notable spikes at 01:16 (12.8 million) and 01:36 (8.0 million).