A new meme coin, known as America Party (AP), has taken the crypto space by storm, rallying 537% in the first 24 hours of trading after its launch on the Solana blockchain. The token caught fire and garnered enormous interest from retail traders, as over $21 million was traded on platforms such as Uniswap and KCEX. But here's the catch—it's not backed by Elon Musk.
The AP token was conceived as a response to Musk's announcement of a political party idea, called the "America Party," which is presented as a rebuke to traditional US politics. The crypto market soon got on board with the trend, launching a coin of the same name. The token was trading at a high of $0.0415 before settling around $0.033, according to CoinMarketCap.
Despite its name, Elon Musk has no official affiliation with the token, its founder, its creators, or any blockchain project associated with it. That hasn't prevented speculators from piling in to profit from the buzz around the memecoin. The coin's popularity is largely driven by hype, meme culture, and the constant merging of technology, politics, and finance.
Fintech specialists caution that the token is without fundamentals—there's no whitepaper, no roadmap, and no real utility. It's not even verified or audited, putting it into the "extreme risk" meme coin category, shared only by other speculative tokens like Dogecoin or PEPE.
Curiously enough, the coin launched on the same day Musk disclosed the creation of a third political party intended to "get people back their freedom" and to fight tax legislation driven by President Donald Trump. A poll by Quantus Insights suggested that 40% of Americans could support a Musk-led party, adding fuel to the token's sudden surge.
U.S. President Donald Trump's critical remarks about Elon Musk's new political party brought even more attention to the AP token, despite it being unofficial.
Market data from CoinGecko reflects the token's extremely volatile value. In some trackers, it's "The America Party" with a price close to $0.00065, reflecting variations between platforms and speculative trading.
Despite a lack of an official roadmap, whitepaper, or team verification, the memecoin to continues to trade actively on Solana-based platforms, with further developments being closely watched by the crypto community.
