The digital assets industry displayed bullishness on Monday as the global crypto market cap surged 1.80% in the past day to $3.37 trillion.
While altcoins targeted breakouts, Dogecoin has taken the lead, fueled by political developments.
The original meme coin outshone top cryptos as it climbed from yesterday’s $0.1632 to an intraday peak of $0.1762 – a 7.97% increase within the past day.
Tesla CEO stirs crypto and political sectors
Elon Musk lit the crypto markets over the weekend with the formation of a new “America Party” political group.
The party targets radical changes, including challenging the current US two-party system and supporting crypto, particularly Bitcoin.
Musk’s move to launch a political party came a day after President Trump passed the “Big Beautiful Bill,” adding $5 trillion to the US debt ceiling and government spending.
In response, the Tesla CEO conducted a poll on X asking whether a new political party was an option, and 65.5% of more than 1.2 million voters supported the move.
Musk’s follow-up post declared the party launch.
Today, the America Party is formed to give you back your freedom.
Musk’s political movement taps Bitcoin as “fiat is hopeless”
The CEO grabbed attention again after responding to a user who asked whether the America Party would embrace Bitcoin.
He confirmed that the political group will support Bitcoin with a sharp and bold reply.
Fiat is hopeless, so yes
The remarks triggered bullish sentiments across the cryptocurrency market.
Bitcoin gained 1.45% to $109,600, whereas Dogecoin, Musk’s favorite meme token, displayed revived momentum with an 8% price increase.
Dogecoin-Musk links rekindled
While the billionaire mentioned Bitcoin, his history with the meme DOGE caught attention. Elon Musk has been a long-time supporter of Dogecoin, even propelling it to ATH in 2021.
Furthermore, the meme token attracted attention after Musk formed the Department of Government Efficiency (DOGE) to help Trump reduce government waste.
However, he stepped down recently, ending his partnership with Trump’s administration.
Now, with the new pro-crypto political party, attention has shifted to Dogecoin.
While Musk’s post references Bitcoin, the meme token could influence the America Party’s monetary agenda, especially as it attracts crypto-savvy individuals and the younger generation.
Dogecoin price outlook
The meme token trades at $0.1742 after a slight slide from intraday peaks.
Meanwhile, the 255% surge in daily trading volume confirms renewed interest in Dogecoin.
Technical indicators support buyer resurgence on the altcoin.
For instance, the 4H MACD displays green histograms after a bullish crossover with the signal line.
Additionally, the RSI at 40 indicates an upward momentum for Dogecoin.
Nevertheless, DOGE trades below the 50 Exponential Moving Average on the 1D chart, indicating seller control.
While the America Party awaits official registration with the FEC (Federal Election Commission), Musk’s mission has already made a political and economic impact.
The CEO plans to leverage his influence to transform politics and money.
Meme enthusiasts will watch how Dogecoin will perform in the coming sessions as Musk introduces a new era of crypto-political connection.
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