In a major turn of events, the America Party (AP) crypto has skyrocketed over 420% within hours today. The token was created following the announcement from Elon Musk of a new political organization to be formed and called “the America Party.”
The party aims to oppose the traditional system in the United States of America (USA), which led to creation of the AP coin as the creator potentially wanted to capitalize on the trend. Thereafter, this political memecoin soared massively as Musk’s idea gained traction.
Shedding Light on America Party Token’s Controversy
As of writing, the AP crypto was priced at $0.02772 and has experienced an increase of 109.25% or $23.78 million in its trading volume, resulting in the AP crypto achieving a market cap of $30.53 million.
However, the controversy on the legitimacy and transparency is questionable as the project has a relatively low profile of 48%, indicating a low documentation and understanding standard by the general population.
Although the relation between Elon Musk and the AP token has not been proven, users have been quick to pair the AP token with the announcement by Musk. Following this, several disclaimers on platforms like CoinMarketCap have already stated that “there is no formal connection between Musk and/or any political organization and the coin.”
Notably, the U.S. President Donald Trump accused Elon Musk of pursuing a ridiculous third-party agenda, which would only create more confusion within the system. Previously, Elon was welcomed to be the head of the Department of Government Efficiency (D.O.G.E).
Coming to the crypto token part, the America Party is just another meme or a misinterpreted icon, and has been profiting on the mess. Market experts are now warning that this token has no clarity in project documentation or a roadmap.
To summarize, the giant surge of the America Party token looks to be a clear result of a political situation and not a fundamental project. As the new party of Elon Musk has taken over the market by storm, a similar name of crypto has taken advantage. As the meme coin market is highly volatile, make sure to “DYOR” before investing into such projects.
