Dogecoin (DOGE) has posted a 5% rally in the last 24 hours, powered by renewed whale accumulation and growing excitement around Elon Musk’s launch of the America Party, which includes strong pro-Bitcoin sentiment. The event has fueled speculation that DOGE could gain renewed cultural and financial relevance as part of Musk’s political vision.
DOGE Price Rises Amid Political Shakeup
The meme-based cryptocurrency surged from $0.163 to $0.171, as news broke of Musk’s plan to form the America Party — a centrist, pro-tech, and crypto-friendly political platform that emerged following a rift with former President Donald Trump. Though Dogecoin was not directly mentioned, Musk’s past support for the token has investors speculating about its future role.
Whale Wallets Accumulate as Retail Exits
The rally was accompanied by over $1.1 billion in trading volume, with large wallets holding 1M–100M DOGE increasing their positions. This suggests that institutional buyers are stepping in, even as retail investors took partial profits. The buying pattern hints at long-term confidence in DOGE amid changing political dynamics.
Musk’s Pro-Crypto Stance Raises DOGE Speculation
Musk’s America Party emphasizes a pro-Bitcoin and innovation-driven agenda, contrasting with what he called Trump’s “anti-innovation” economic stance. While Bitcoin was the centerpiece of Musk’s announcement, analysts note that Dogecoin could be poised for renewed utility, particularly given Musk’s prior integration of DOGE into Tesla and X (formerly Twitter) platforms.
The speculation is further supported by Musk’s history of using DOGE for payments, tipping, and promotional campaigns, reinforcing its potential symbolic role in the America Party’s tech ecosystem.
Technical Analysis: DOGE Finds Support, Faces Resistance
- Price Movement: DOGE rose 5.01% from $0.163 to $0.171 between July 6 and July 7.
- Volume Surge: A breakout occurred between 12:00–13:00 on July 6, when the price jumped to $0.173 on 1.14 billion in volume.
- Support & Resistance: DOGE established strong support at $0.166, with resistance near $0.173 during late trading hours.
- Whale Activity: Key buying spikes occurred at 01:16 (12.8M DOGE) and 01:36 (8.0M DOGE), helping lift the price above $0.171.
Outlook
Dogecoin’s price action reflects more than market speculation — it’s tapping into a larger narrative around crypto and politics. As Musk’s America Party takes shape, DOGE could play a surprising role in reshaping how digital assets intersect with real-world institutions.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.