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.” Therefore, he decided to create a party, which is now being actively discussed in both political and cryptocurrency circles.

What’s happening in the crypto market

Just a few hours after Musk’s statement, the America Coin (AP) memecoin was launched on the Pump.fun platform. Its price soared by 120%, and its capitalization reached $18 million. Trading volumes skyrocketed; speculators rushed to buy, expecting a repeat of the Dogecoin (DOGE) story. Traders have already dubbed AP the ”Dogecoin of politics,” although Musk himself has not endorsed the coin.

At the time of writing, almost…