Dogecoin (CRYPTO: DOGE) is trading higher overnight Sunday after Elon Musk launched his new political party.

What Happened: The dog-themed memecoin spiked over 6% in the last 24 hours, with trading volume exploding 179% to $1.19 billion.

DOGE's open interest lifted over 8%, according to Coinglass, indicating high speculative interest for the cryptocurrency. 

Additionally, large transactions valued at over $100,000 jumped 41% in the last 24 hours, while daily active addresses spiked nearly 35%, according to IntoTheBlock.

The uptick comes after the tech mogul announced the formation of a new political party, the "America Party” as a countermeasure to what he views as a flawed two-party system.

The launch follows President Donald Trump‘s signing a significant spending bill, one that Musk has been vehemently critical of.

Musk has been a known supporter of the DOGE meme coin, and even the acronym for Department of Government Efficiency, an entity which he created, bears an uncanny reference to the canine-themed coin.

Price Action:  At the time of writing, DOGE was exchanging hands at $0.1740, up 6.3% in the last 24 hours, according to data from Benzinga Pro.

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