Dogecoin Surges 8% as Musk Launches Pro-Crypto Political Party

On Monday, the digital assets industry exhibited a bullish trend as the global crypto market cap surged to $3.37 trillion, marking a 1.80% increase from the previous day. Among the various altcoins, Dogecoin emerged as a standout performer, driven by significant political developments. The meme coin, which started the day at $0.1632, reached an intraday peak of $0.1762, reflecting a 7.97% increase within a single day.

Elon Musk, the CEO of Tesla, sparked excitement in both the crypto and political sectors over the weekend by announcing the formation of a new political group called the "America Party." This party aims to bring about radical changes, including challenging the existing two-party system in the US and advocating for the adoption of cryptocurrencies, particularly Bitcoin. Musk's decision to launch this political party came just a day after President Trump signed the "Big Beautiful Bill," which added $5 trillion to the US debt ceiling and government spending. In response, Musk conducted a poll on X, where 65.5% of over 1.2 million voters supported the creation of a new political party. Following the poll, Musk officially declared the launch of the America Party, stating that its mission is to restore freedom to the people.

Musk's political movement gained further attention when he responded to a user's inquiry about whether the America Party would support Bitcoin. His response was clear and emphatic: "Fiat is hopeless, so yes." This statement triggered a wave of bullish sentiment across the cryptocurrency market. Bitcoin saw a 1.45% increase, reaching $109,600, while Dogecoin, Musk's favored meme token, experienced an 8% price surge.

Musk's long-standing support for Dogecoin has been well-documented, as he has been instrumental in propelling the meme token to its all-time high in 2021. Additionally, Dogecoin gained attention when Musk formed the Department of Government Efficiency (DOGE) to assist Trump in reducing government waste. Although Musk recently stepped down from this role, ending his partnership with Trump's administration, the launch of the new pro-crypto political party has once again shifted focus to Dogecoin. As the America Party attracts crypto-savvy individuals and the younger generation, Dogecoin could play a significant role in shaping the party's monetary agenda.

Currently, Dogecoin is trading at $0.1742 after a slight decline from its intraday highs. The 255% surge in daily trading volume indicates renewed interest in the meme token. Technical indicators also support a resurgence in buyer activity, with the 4H MACD displaying green histograms following a bullish crossover with the signal line. The RSI at 40 suggests an upward momentum for Dogecoin. However, the token is still trading below the 50 Exponential Moving Average on the 1D chart, indicating that sellers maintain some control. As the America Party awaits official registration with the Federal Election Commission, Musk's influence is already making a significant political and economic impact. Meme enthusiasts will closely monitor Dogecoin's performance in the coming sessions as Musk introduces a new era of crypto-political connection.