Last week, Trump's Big and Beautiful Law was passed in the United States. According to Musk, the president's initiative is "crazy" and "destructive." As a result, he decided to establish a party, which is currently being actively discussed in both political and cryptocurrency circles.

What is happening in the cryptocurrency market

Just hours after Musk's announcement, the memecoin America Coin (AP) was launched on the Pump.fun platform. Its price surged 120% and market cap reached 18 million dollars. Trading volume skyrocketed; speculators rushed to buy in, hoping for a repeat of the Dogecoin (DOGE) story. Traders dubbed AP the "Dogecoin of politics," although Musk himself did not endorse this coin.

At the time of writing, nearly the entire ranking of the most popular cryptocurrencies on DEX Screener includes tokens related to America Party and Musk. In the past 24 hours, the price of America Party (AMERICA) on Solana (SOL) has skyrocketed over 12,000%. The asset's market cap is over 7 million dollars.

Dogecoin—Musk's favorite memecoin—was hardly affected by this news. According to CoinMarketCap, the price of DOGE fell 0.3% to $0.1637 in the past day. Meanwhile, the trading volume of this coin has decreased by 59%.

Conflict between Musk and Trump

The public conflict between Musk and Trump began after the billionaire left his position as head of the Office of Government Efficiency, a role that the U.S. president created specifically for him. At that time, media reported that Trump had criticized Musk in the Oval Office.

Sources confirm that tensions between the two sides have escalated since spring 2025, when Musk publicly opposed Trump's comprehensive tax bill, calling it a "financial disaster." Conversely, the president accused Musk of misunderstanding economic strategy.

The situation escalated after Musk's announcement about the possibility of cutting the Dragon program, to which Trump responded by threatening to renegotiate SpaceX's contract with NASA. A tense exchange erupted on social media: Musk hinted at Trump's relationship with Jeffrey Epstein and called for impeachment, while Trump allegedly threatened to expel Musk or his companies from the U.S.

To counter the Republican Party, which Musk once supported, the billionaire declared the establishment of his own party. On Independence Day—July 4—the entrepreneur conducted a poll on X (formerly Twitter). Over 65% voted in favor of forming a party.