Dogecoin Surges Amid Broader Crypto Rally and Political Developments

NEW YORK, NY — Dogecoin prices have jumped 7% in the last 24 hours, rising to $0.18 as its daily trading volume skyrocketed by 251% to $1.4 billion. This surge indicates robust bullish sentiment among traders.

The broader cryptocurrency market is gaining strength following a delay from U.S. President Joe Biden regarding tariff hikes, shifting the deadline from July 9 to August 1. On July 6, U.S. Treasury Secretary Scott Bessent announced that countries yet to finalize trade agreements will receive a three-week extension to negotiate.

According to market data, Dogecoin (DOGE) futures open interest increased by 10.52% in the last day. Meanwhile, 24-hour liquidations soared to $8.17 million, with $5.83 million attributed to short positions being liquidated.

Over the previous weekend, tech entrepreneur Elon Musk announced the formation of his America Party, aiming to offer voters a third option amid dissatisfaction with the current political parties. This move followed the recent passage of a landmark bill by former President Donald Trump, which raised the U.S. debt ceiling by $5 trillion.

Musk indicated on social media that his party would consider Bitcoin while criticizing traditional fiat currencies as ‘hopeless’. Even though Musk did not specifically mention Dogecoin, speculation arises from his previous endorsements of the cryptocurrency, potentially hinting at its involvement in his political efforts.

Recent on-chain data from IntoTheBlock shows that DOGE accumulation is increasing among large wallets holding between 1 million and 100 million tokens, even as retail investor participation appears to be declining.

Crypto analyst Trader Tardigrade has pointed out a favorable technical setup for Dogecoin, highlighting a stochastic bullish crossover in the oversold region of its biweekly chart. The analyst suggested that DOGE has found solid support along a long-term ascending trendline that it has respected over various market cycles.

Speculations continue that if the support holds, Dogecoin could rise further to a target price of $0.24.