Elon Musk’s BTC Support During New Party Reveal Triggers Major Dogecoin Buying by Whales

Dogecoin Rallies as Elon Musk Unveils America Party, Stirring Speculation Over Crypto’s Political Role

Dogecoin has surged more than 5% in the past 24 hours, climbing from around $0.163 to $0.171, fueled by renewed enthusiasm following Elon Musk’s announcement of the America Party—a move sparking debate over the potential integration of cryptocurrencies into U.S. political agendas.

Trading volumes for DOGE exceeded $1.1 billion, helping secure solid support around $0.166. Interestingly, whale wallets significantly increased their holdings during the rally, while smaller investors took profits, suggesting growing confidence among larger market players in Dogecoin’s prospects.

What’s Driving the Move?

  • Elon Musk surprised the market over the weekend by launching the America Party, igniting widespread discussions in political and crypto circles alike.
  • His platform includes strong support for Bitcoin and sharp criticism of Donald Trump’s “anti-innovation” financial stance, prompting speculation that Dogecoin could become part of Musk’s broader vision as both a cultural icon and financial asset.
  • Although Musk didn’t explicitly mention Dogecoin in his speech, his track record of weaving DOGE into Tesla and X (formerly Twitter) products has fueled expectations that the coin could play a role in his political plans.
  • The announcement coincides with heightened market uncertainty tied to President Trump’s July 9 tariff deadline, which has kept both crypto and traditional markets on edge.
  • On-chain insights from IntoTheBlock show significant buying activity from whales holding between 1 million and 100 million DOGE, while smaller retail traders have reduced their activity somewhat.

Technical Insights

  • DOGE rose 5.01% between 6 July 03:00 and 7 July 02:00, advancing from $0.163 to $0.171.
  • A significant price breakout took place between 12:00 and 13:00 on 6 July, with DOGE spiking from $0.166 to $0.173 on trading volume exceeding 1.14 billion DOGE.
  • Strong price support has emerged at $0.166, while DOGE has been consolidating between $0.170 and $0.173 after touching a high of $0.174.
  • Sellers appeared near resistance at $0.173, particularly between 21:00 and 23:00.
  • In the final trading hour, DOGE gained another 0.85%, surpassing $0.171, with significant trade surges noted at 01:16 (12.8M DOGE) and 01:36 (8.0M DOGE).

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