Dogecoin experienced a notable rally, surging over 5% in the last 24 hours, climbing from $0.163 to $0.171. This upward movement, backed by over 1.1 billion in trading volume, established strong support at $0.166. The surge was largely attributed to optimism surrounding Elon Musk’s recent launch of the America Party, which has fueled speculation about a more crypto-aligned political future.

Musk’s surprise announcement of the America Party over the weekend has sparked significant political and crypto debate. His platform includes strong pro-Bitcoin language and sharp criticism of what he terms Donald Trump’s “anti-innovation” financial agenda. While Dogecoin was not formally mentioned in the party's platform, Musk's historical integration of DOGE into Tesla and X (formerly Twitter) products has led to speculation that the token could play a symbolic or transactional role in his new political vision.

On-chain data from IntoTheBlock indicates that despite broader economic uncertainty, including President Trump’s looming July 9 tariff deadline, whale wallets, particularly those holding 1M–100M DOGE, aggressively accumulated the cryptocurrency. This aggressive buying by large holders occurred even as smaller retail positions declined, suggesting a renewed institutional confidence in DOGE.

Technically, DOGE surged 5.01% between 6 July 03:00 and 7 July 02:00 UTC. A significant breakout occurred between 12:00–13:00 on July 6, with the price jumping from $0.166 to $0.173 on 1.14 billion in volume. After peaking at $0.174, the price consolidated between $0.170 and $0.173, establishing strong support at $0.166. Key resistance was observed at $0.173 during late-session selling (21:00–23:00). In the final hour of the analyzed period, DOGE gained 0.85%, breaking above $0.171 with notable spikes in trading volume at 01:16 (12.8M) and 01:36 (8.0M).