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

Dogecoin (DOGE) experienced a significant rally, increasing over 5% within 24 hours, reaching a high of $0.171 from $0.163. This surge was driven by a confluence of factors, notably Elon Musk’s launch of the America Party and broader market volatility. Trading volume exceeded $1.1 billion, reinforcing support at $0.166. Interestingly, whale wallets (holding 1M–100M DOGE) exhibited aggressive accumulation, contrasting with a decrease in smaller holder positions. This suggests a shift towards institutional confidence in DOGE.

Elon Musk’s America Party announcement, characterized by pro-Bitcoin rhetoric and criticism of Donald Trump’s financial policies, has sparked considerable speculation regarding DOGE’s potential role within the party’s vision. While Musk didn’t explicitly mention DOGE, his past integration of the token into Tesla and X (formerly Twitter) products fuels anticipation of a symbolic or transactional function.

This event unfolds against a backdrop of economic uncertainty, largely due to President Trump’s July 9 tariff deadline, impacting both crypto and equity markets. Despite this volatility, on-chain data from IntoTheBlock reveals significant DOGE buying pressure from whales, even as retail investors reduced their holdings.

Technically, DOGE’s 5.01% increase between July 6, 03:00 and July 7, 02:00 involved a key breakout between 12:00–13:00 on July 6, with a price jump from $0.166 to $0.173 on a volume of $1.14 billion. Strong support consolidated around $0.166, followed by price consolidation between $0.170 and $0.173 after peaking at $0.174. Resistance was observed at $0.173 during late-session selling (21:00–23:00). The final hour saw DOGE gain 0.85%, surpassing $0.171, marked by notable volume spikes at 01:16 ($12.8M) and 01:36 ($8.0M). The rally’s success hinges on sustaining momentum above the $0.173 resistance level.