Whales Gobble Up Dogecoin as Elon Musk Backs BTC in Latest Crypto Party Move
Dogecoin's price action just got a lot more interesting—crypto whales are loading up their bags while Elon Musk throws his weight behind Bitcoin again. Here's why the market's buzzing.
Whales Dive Into DOGE
Big-money players aren't just dipping toes—they're cannonballing into Dogecoin. The meme coin's trading volume spiked as institutional-sized buys hit the order books. No surprise—when DOGE moves, it moves fast.
Musk's Bitcoin Endorsement
The Tesla CEO's latest nod to BTC sent ripples through the market. Love him or hate him, when Musk talks crypto, traders listen (and wallets open).
Market Reactions
Altcoins popped on the news, but let's be real—this isn't 2021. Today's traders have the attention span of a goldfish on espresso. Meanwhile, Wall Street still doesn't get it—but they'll FOMO in at the top as usual.
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).
