Memecoins themed around Elon Musk’s ‘America Party’ are making a splash on price charts, netting quick gains for volatility-loving degens.
What happened: Ethereum ETH/USD-based America Party (AMERICA) exploded 129% in the last 24 hours, according to CoinMarketCap.
The coin’s self-reported market capitalization hit nearly $180 million, although CoinMarketCap said that it had not verified the figures.
Similarly, the America Party (AP) rose 6.71% in the last 24 hours and a whopping 483% since the party’s launch.
Note that these memecoins have no connection to Musk or the party and are merely seeking to profit from the buzz.
See Also: Ron DeSantis Warns Elon Musk The ‘America Party’ Could Hand Congress To Democrats: ‘Don’t Want To See That Happen’
Why It Matters: Musk, the world’s richest individual, and founder of tech giants such as Tesla and SpaceX, announced the formation of a new political party, the America Party, as a countermeasure to what he views as a flawed two-party system.
Musk conducted a poll on X, asking voters about their desire for independence from the existing political framework. The poll garnered over 1.2 million votes, with a majority of 65.4% favoring a new political party.
Interestingly, he confirmed that the party will “embrace” Bitcoin BTC/USD because fiat currencies have become “hopeless.”
Benzinga Note: Investing in meme coins is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and speculative trading
Read Next:
Elon Musk’s America Party Is A Move In The ‘Opposite Direction,’ Says Dan Ives, Analyst Gary Black Says Difficult To Predict Impact On Tesla Brand Short Term
Image Credit: Jasen Vinlove/Imagn Images
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