DOGE Token Sees 3.62% Drop Amid $129M Inflows and Volatility After Musk’s America Party Reveal

Dogecoin (DOGEUSDT) experienced heightened volatility over the past 24 hours, with the price declining by 3.62% to $0.16682 on Binance. The recent price movement is primarily attributed to increased trading activity following Elon Musk’s July 5 announcement of the America Party, which led to a significant net inflow of 129.63 million USDT and a spike in trading volume. Market sentiment was further influenced by renewed optimism regarding potential Federal Reserve rate cuts, which initially contributed to a surge in DOGE’s price and trading volume. However, conflicting reports and subsequent market reactions led to a reversal, with DOGE retracing from intraday highs amid bearish short-term technical signals and late-session selling pressure.

Currently, Dogecoin is trading at $0.16682 with a 24-hour trading volume between $1.34 billion and $1.47 billion, ranking as the 9th largest cryptocurrency by market capitalization at approximately $25 billion. The asset remains under close watch for support at $0.166 and resistance near $0.173, as traders monitor for further direction.