Dogecoin has increased by more than 5% in the past 24 hours, climbing from $0.163 to $0.171 as Elon Musk’s American Party launched a more consistent political future, which sparked optimism.
The breakthrough was supported by more than $1.1 billion and secured strong support of $0.166. Whale wallets are actively accumulating during the move, and even if smaller holders exit, it shows confidence in Doge’s institutions.
News background
- Elon Musk’s surprise announcement to the U.S. party over the weekend reignited political and crypto debates.
- His platforms include a strong pro-coin language and a sharp criticism of Donald Trump’s “anti-innovation” financial agenda, sparking speculation about Doge’s role as a cultural and financial asset in the Musk movement.
- While there is no formal mention of domycin, Musk’s history of incorporating Musk into Tesla and X (formerly Twitter) products has sparked speculation that tokens may play a symbolic or trading role in the vision of the new party.
- The news emerged within wider economic uncertainty. President Trump’s July 9 tariff deadline is vaguely visible in global markets, which has led to crypto and stock volatility.
- Nevertheless, according to Intotheblock’s chain data, Doge sees a lot of purchases from whale wallets, especially those with 1m–100m Doge, even if retail positions drop.
Technical analysis highlight
- From 03:00 on July 6 to 2:00 on July 6, Doge soared 5.01% in 24 hours, moving from $0.163 to $0.171.
- The breakthrough occurred between 12:00 and 13:00 on July 6, and the price jumped from $0.166 to $0.173, at $1.14 billion.
- Strong support was set at $0.166, after $0.174, the price was consolidated between $0.170 and $0.173.
- During the party sales period, the key resistance was $0.173 (21:00–23:00).
- In the last hour, Doge rose 0.85%, earning a $0.171 break on the spikes of 01:16 (12.8 million) and 01:36 (8 million).
