Elon Musk’s America Party Spurs Dogecoin Rally, Ignites Fresh Hopes for Crypto’s Political Future

Dogecoin surged more than 5% in the past 24 hours, climbing from $0.163 to $0.171, as excitement grew over Elon Musk’s launch of the America Party, fueling speculation about a more crypto-friendly political landscape.

Trading volume soared past $1.1 billion, helping solidify strong support for DOGE at $0.166. Notably, whale wallets piled in during the rally, even as smaller holders took profits, hinting at rising institutional confidence in the popular meme coin.

News Background

• Elon Musk’s surprise unveiling of the America Party over the weekend reignited debates across both political and crypto circles.
• Musk’s political platform features strong pro-Bitcoin rhetoric and sharp criticism of Donald Trump’s “anti-innovation” financial stance, sparking conversations about Dogecoin’s potential role as both a cultural symbol and a financial asset in Musk’s vision.
• Although Musk did not directly mention Dogecoin during his announcement, his track record of integrating DOGE into Tesla and X (formerly Twitter) products has fueled speculation that the token could become part of the America Party’s future ecosystem.
• The announcement comes at a tense moment for global markets, with President Trump’s July 9 tariff deadline casting a shadow over crypto and equities alike.
• Despite this broader uncertainty, on-chain data from IntoTheBlock shows significant whale buying activity—particularly among wallets holding 1 million to 100 million DOGE—even as retail participation eased.

Technical Analysis Highlights

• DOGE rose 5.01% between 6 July 03:00 and 7 July 02:00, moving from $0.163 to $0.171.
• A decisive breakout occurred between 12:00–13:00 on 6 July, with DOGE jumping from $0.166 to $0.173 on volume exceeding 1.14 billion DOGE.
• Solid support formed at $0.166, while prices consolidated in a tight range between $0.170 and $0.173 following a peak at $0.174.
• Key resistance emerged at $0.173, where late-session selling was observed between 21:00 and 23:00.
• In the final hour of the session, DOGE advanced another 0.85%, breaking above $0.171, with significant trading spikes noted at 01:16 (12.8M DOGE) and 01:36 (8.0M DOGE).