Dogecoin Whale Activity Surges Following Elon Musk’s Bitcoin Endorsement in Political Debut

Elon Musk’s America Party Fuels Dogecoin Surge and Sparks Speculation Over Crypto’s Political Future

Dogecoin jumped over 5% in the past 24 hours, rallying from around $0.163 to $0.171, as excitement spread following Elon Musk’s unveiling of the America Party—an event that reignited discussions about the role of cryptocurrencies in U.S. politics.

Trading volumes for DOGE soared past $1.1 billion, establishing a strong support level at $0.166. Notably, large whale wallets accumulated significant holdings during the price surge, even as smaller investors took profits, suggesting growing institutional confidence in the meme coin.

What’s Behind the Rally?

Elon Musk surprised markets over the weekend by announcing his America Party, sparking conversations across political and crypto communities.
His political platform emphasizes a strong pro-Bitcoin stance and harsh criticism of Donald Trump’s so-called “anti-innovation” financial policies, raising questions about Dogecoin’s potential role as both a cultural symbol and financial asset in Musk’s vision.
While Musk didn’t directly mention Dogecoin in his speech, his history of integrating DOGE into Tesla and X (formerly Twitter) products has fueled speculation that the token could become part of the America Party’s plans.
The announcement comes at a volatile moment for global markets, with President Trump’s July 9 tariff deadline casting uncertainty over crypto and traditional assets alike.
On-chain data from IntoTheBlock reveals significant buying activity by whale wallets holding between 1 million and 100 million DOGE, while retail activity tapered off slightly.

Technical Picture

DOGE gained 5.01% from 6 July 03:00 to 7 July 02:00, moving from $0.163 to $0.171.
A key breakout happened between 12:00 and 13:00 on 6 July, when DOGE spiked from $0.166 to $0.173 on trading volume exceeding 1.14 billion DOGE.
Strong support has been established at $0.166, while DOGE consolidated in a range between $0.170 and $0.173 after touching a high of $0.174.
Resistance formed near $0.173, where notable selling activity appeared between 21:00 and 23:00.
In the session’s final hour, DOGE rose another 0.85%, climbing past $0.171, with significant trade spikes at 01:16 (12.8M DOGE) and 01:36 (8.0M DOGE).