Musk Creates a Party: How the Cryptocurrency Market Reacted

Elon Musk accuses the U.S. two-party system of corruption and wastefulness. Therefore, the billionaire decided to create his own party called the 'American Party'.

Last week, the 'Great and Wonderful Law' of Trump was passed in the U.S. According to Musk, the president's initiative is 'insane' and 'destructive'. Thus, he decided to create a party — this is currently being actively discussed in both political and cryptocurrency circles.

Just a few hours after Musk's announcement, a meme coin called America Coin (AP) was launched on the Pump.fun platform. Its price skyrocketed by 120%, and its market capitalization reached 18 million dollars. Trading volumes surged as speculators rushed to buy the coin, expecting a repeat of the Dogecoin (DOGE) story. Traders have already dubbed AP the 'Dogecoin of politics', although Musk himself did not endorse this coin.