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By Shaurya Malwa, CD Analytics
Updated Jul 7, 2025, 5:39 a.m. Published Jul 7, 2025, 5:39 a.m.
- Dogecoin surged over 5% following Elon Musk’s launch of the America Party, highlighting optimism for a crypto-aligned political future.
- Trading volume exceeded 1.1 billion, with whale wallets accumulating DOGE as smaller holders exited, indicating institutional confidence.
- Musk’s announcement, featuring pro-Bitcoin rhetoric, has fueled speculation about Dogecoin’s potential role in his political movement.
Dogecoin rallied more than 5% in the last 24 hours, climbing from $0.163 to $0.171, as Elon Musk’s launch of the America Party fueled optimism around a more crypto-aligned political future.
The breakout was backed by over 1.1 billion in trading volume, establishing strong support at $0.166. Whale wallets accumulated aggressively during the move, even as smaller holders exited, suggesting renewed institutional confidence in DOGE.
- Elon Musk’s surprise announcement of the America Party over the weekend reignited political and crypto debate alike.
- His platform, which includes strong pro-Bitcoin language and sharp criticism of Donald Trump’s “anti-innovation” financial agenda, has sparked speculation about DOGE’s role as a cultural and financial asset in Musk’s movement.
- While no formal mention of Dogecoin was made, Musk’s history of integrating DOGE into Tesla and X (formerly Twitter) products has fueled speculation that the token may play a symbolic or transactional role in the new party’s vision.
- The announcement comes amid broader economic uncertainty. President Trump’s July 9 tariff deadline looms large over global markets, contributing to volatility in crypto and equities alike.
- Despite this, DOGE saw heavy buying from whale wallets — particularly those holding 1M–100M DOGE — even as retail positions declined, according to on-chain data from IntoTheBlock.
- DOGE surged 5.01% over 24 hours from 6 July 03:00 to 7 July 02:00, moving from $0.163 to $0.171.
- A breakout occurred between 12:00–13:00 on 6 July, with price jumping from $0.166 to $0.173 on 1.14 billion in volume.
- Strong support established at $0.166, with price consolidating between $0.170 and $0.173 after peaking at $0.174.
- Key resistance observed at $0.173 during late-session selling (21:00–23:00).
- In the final hour, DOGE gained 0.85%, breaking above $0.171 with notable spikes at 01:16 (12.8M) and 01:36 (8.0M).
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
CoinDesk Analytics is CoinDesk’s AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.
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