On July 5, 2025, Elon Musk announced the formation of the 'America Party' through his X account, resulting in sharp fluctuations in the cryptocurrency market.
Formation of 'America Party'
Elon Musk, the CEO of Tesla and SpaceX, announced the founding of 'America Party' through a post on X. This decision follows disagreements with former President Donald Trump. Currently, no formal leadership or co-founders have been acknowledged for this initiative.
Crypto Market Reaction
Musk's announcement led to the creation of new tokens such as America Coin (AP) and America Party (AMERICA), which experienced immediate and dramatic valuation increases. Meanwhile, DOGE, a known favorite of Musk's, saw a minor price decline. The sudden emergence of these tokens caused a trading surge, particularly on Solana exchanges, dominated by retail investors.
Musk's Influence on the Market
The rapid response of the crypto market illustrates Musk's significant influence on speculative trading trends. The absence of long-term projections suggests a typical pattern seen with politically-themed tokens, resonating primarily within retail trading circles.
The establishment of the 'America Party' by Musk further affirms his impact on the cryptocurrency market, swiftly altering price dynamics and creating new opportunities for speculation among traders.
