Dogecoin Sees Heavy Buying From Whales as Elon Musk Supports BTC in New Party Rollout

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.

News Background

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.

Technical Analysis Highlights

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).Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]