Why Is Dogecoin Price Up 7% Today?

Dogecoin DOGE $0.17 24h volatility: 4.8% Market cap: $25.76 B Vol. 24h: $1.77 B price is outperforming the rest of the crypto market with 7% gains in the last 24 hours, moving to $0.18, with its daily trading volume surging by 251% to $1.4 billion, showing strong bullish sentiment among traders.

The broader crypto market rally comes after US President Donald Trump pushed further his deadline for tariff hikes from July 9 to August 1. On July 6, US Treasury Secretary Scott Bessent stated that countries yet to finalize agreements are expected to receive a three-week extension to reach a deal.

As per the CoinGlass data, the DOGE futures open interest has also gained 10.52% in the last 24 hours. Meanwhile, the 24-hour liquidations have surged to $8.17 million, of which, $5.83 million is in short liquidations.

Dogecoin Community Turns Active Following Elon Musk’s Bitcoin Push

Over the last weekend, Elon Musk announced the launch of his America Party, as a third alternative, citing the failed policies of Democrats and Republicans. This major push comes after US President Donald Trump passed the ‘Big Beautiful Bill’ last week, raising the US debt ceiling by an additional $5 trillion.

In his recent message on the X platform, Elon Musk stated that his America Party would be open to Bitcoin, while calling fiat “hopeless”.

While Elon Musk made no official mention of Dogecoin, his past efforts to integrate DOGE into Tesla and X products have sparked speculation that the token could play a symbolic or transactional role in his new political party’s plans.

Meanwhile, on-chain data from IntoTheBlock shows that DOGE accumulation has surged among whale wallets holding between 1 million and 100 million tokens, even as retail investor positions have declined.

DOGE Price Bounces From Support, What’s Next?

Crypto analyst Trader Tardigrade has highlighted a bullish technical setup for Dogecoin (DOGE), pointing to a stochastic bullish cross in the oversold zone on the biweekly chart. According to the analyst, the indicator aligns with DOGE finding support along a long-term ascending trendline, a level it has respected over multiple market cycles.

#Dogecoin Stochastic Bullish Cross in Oversold Zone on Biweekly Chart 🔥

It's no coincidence that support is found at a long-term ascending trendline.$DOGE/W2 pic.twitter.com/uzAk1c1Brw

— Trader Tardigrade (@TATrader_Alan) July 6, 2025

As reported by Coinspeaker, the bounce back from the support could push the Dogecoin price to rally further to $0.24.

next

The post Why Is Dogecoin Price Up 7% Today? appeared first on Coinspeaker.