Dogecoin Dips on July 8, 2025 — Could Elon Musk’s Political Backing Trigger the Next DOGE Moon?

Jakarta, Pintu News – Dogecoin (DOGE) recorded a 4% increase and was trading at $0.17 on July 7. Market interest in the largest meme coin appears to have increased significantly after trading volume jumped more than 300% to $1.52 billion.

This renewed interest comes after Elon Musk expressed his support for Bitcoin (BTC) after launching America Party, which then sparked speculation whether DOGE would be the next target.

If this happens, could the Dogecoin price rally, and possibly reach an all-time high?

Dogecoin Price Drops 3.88% in 24 Hours

On July 8, 2025, Dogecoin saw a 3.88% decline over a 24-hour period, trading at $0.1679, or approximately IDR 2,726. During the day, DOGE dipped to a low of IDR 2,692 and reached a high of IDR 2,847.

At the time of writing, Dogecoin’s market cap stands at around $25.19 billion, with trading volume dropping 10% to $1.15 billion within 24 hours.

Read also: Bitcoin Hits $107,000 Today — Is This the Calm Before a Massive BTC Surge? Here Are 2 Signs You Can’t Ignore!

Will Elon Musk’s America Party Accept Dogecoin?

After a disagreement between Elon Musk and President Donald Trump over the recently passed Big Beautiful bill, Musk launched a new political party he named America Party.

While explaining how the new party will function, Musk hinted that it will support cryptocurrencies.

Musk responded to a user who asked if the party would accept Bitcoin. He replied that the current fiat system is “hopeless.”

Another user then asked if Dogecoin would also be involved in the new party, but Musk did not give a direct answer.

However, he later retweeted a post from DOGE co-founder Shibetoshi Nakamoto, who expressed his support for the America Party and the benefits it would bring to voters in the United States.

Earlier on July 7, the billionaire confirmed that his party would support Bitcoin and expressed his belief that fiat currencies are no longer relevant.

The post sparked huge speculation that DOGE-given Musk’s past interest-would be the next asset after Bitcoin.

Based on his response, it is possible that Musk will turn his attention back to Dogecoin, which could make it one of the best performing meme coins in July.

Read also: Dogecoin Price Prediction July 2025 – DOGE Preparing to Break $0.25, Time to Invest?

Will DOGE price rise if Musk backs this meme coin?

Historically, the Dogecoin price has often seen a positive increase after an endorsement from Elon Musk, as such statements tend to attract interest from retail traders looking to make quick profits.

If the America Party favors DOGE, the price is likely to confirm a weekly double-bottom pattern that could potentially trigger a doubling in a short period of time.

The support level in this double-bottom pattern is at $0.12, and seeing how the Dogecoin price continues to bounce off that level, it’s likely that the bulls managed to hold it-and the uptrend will probably continue.

The first target of this pattern is at the neckline resistance at $0.259, where the price will face an initial hurdle. If this resistance is successfully broken, the price of DOGE has the potential to increase by 100% towards the final target of this pattern at around $0.519.

The AO indicator supports Dogecoin’s bullish price prediction as it has turned green despite still being in negative territory-which usually indicates that selling pressure is not as strong as before.

At the same time, the CMF indicator also showed a rise, which means that despite the previously low buying pressure, its strength began to gradually increase, opening up the possibility of a further rise in DOGE prices.

Data from Coinglass shows that the potential for DOGE price increases is still wide open after the altcoin’s trading volume jumped 263% in the last 24 hours (7/7) to $5 billion.

Big spikes like this usually signal that traders are starting to speculate about the future direction of Dogecoin’s price movement.

In conclusion, Elon Musk’s initiative of launching a political party while openly supporting the crypto industry has sparked speculation that he may become a Dogecoin supporter again.

If that happens, the meme token has a chance to confirm the double-bottom pattern and double to $0.519.

That’s the latest information about crypto. Follow us on Google News to stay up-to-date on the world of crypto and blockchain technology.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• CoinGape. Dogecoin Price Forecast If Elon Musk’s America Party Accepts DOGE Following BTC. Accessed on July 8, 2025