Over the past weekend, Bitcoin (BTC) prices fluctuated at high levels with unclear direction, but public figures like Trump and Musk remained active. On Saturday (July 5), Musk announced the establishment of "The American Party" on social media, reigniting public discourse.
Although the political agenda and operational details of the new party have not been fully disclosed, many users in the crypto community immediately turned their attention to the "joke" cryptocurrency closely associated with Musk over the years, namely Dogecoin (DOGE). The market speculates whether the price of Dogecoin could "upgrade" to a symbolic "party coin" due to Musk's political identity.
Looking back over the past few years, Dogecoin has repeatedly become a top trend in the crypto market and social media, largely thanks to Musk's influence.
As early as late 2020 to early 2021, Musk frequently posted on X in support of Dogecoin, calling it "the people's cryptocurrency," which triggered a crazy surge in Dogecoin's price. In May 2021, during his appearance on "Saturday Night Live" (SNL), Musk drove Dogecoin's search volume and trading volume to historic highs. Although the price saw a significant correction after the show aired, it proved that Musk's influence could easily sway the market sentiment surrounding this "meme" cryptocurrency.
In the following years, Musk has repeatedly pushed Dogecoin into the spotlight in various ways. Whether calling himself the "Dogefather" or using "accepting DOGE payments" as a marketing point in SpaceX and Tesla-related scenarios, Dogecoin has maintained a higher profile than other meme coins.
After Musk acquired Twitter in 2022, he even temporarily replaced Twitter's blue bird logo with the Shiba Inu head of Dogecoin, reigniting the market's fantasy that "Doge would become Twitter's official currency." At that time, the price of DOGE surged over 20%.
Despite Musk's repeated statements that DOGE is just a "plaything," his casual jokes on social networks have often turned into speculative frenzies with real money. Now, the emergence of "The American Party" as a new political vehicle once again provides new imaginative space for Dogecoin.
From a practical perspective, Musk has not yet announced any party plans directly linked to Dogecoin. However, considering his long-standing preference for the concepts of "decentralization and community," it is not impossible that DOGE could be used as a symbolic token or payment method in fundraising, merchandise, or supporter communities in the future.
In addition to Dogecoin returning to the spotlight, other meme coins have also seen a wave of popularity within the Solana ecosystem, particularly on platforms like Pump.fun. Notably, a token named after "The American Party" saw an increase of over 150% on Independence Day, with a market cap exceeding $10 million, quickly topping the popular trading list on DexScreener.
Moreover, it is worth noting that at least five meme coins with similar themes emerged on Independence Day, reflecting the complex interaction between patriotic sentiment and speculative fervor in the market.
In recent years, the role of cryptocurrency in political fundraising in the United States has gradually become apparent.
Public records show that since the Federal Election Commission (FEC) approved the use of Bitcoin for political donations in 2014, cryptocurrency has become a new tool for candidates to attract young voters and funds from the tech sector. During the 2022 midterm elections, former FTX CEO Sam Bankman-Fried (SBF) was one of the largest crypto donors, donating tens of millions of dollars through his crypto exchange to multiple candidates and super PACs, aiming to influence cryptocurrency regulatory policies. However, the collapse of FTX raised more questions about the compliance and transparency of crypto donations.
Although the FEC allows crypto donations, candidates must disclose relevant details in their financial reports, including the identity and amount of donors, or they may be suspected of violations.
Against this backdrop, Musk's high-profile announcement of the establishment of "The American Party" has been interpreted by some observers as a potential new platform for introducing crypto fundraising. If Musk, leveraging his massive fan base and influence over Dogecoin, attempts to combine decentralized donation tools, it could once again challenge the boundaries of traditional political fundraising and regulation. This also means that the role of cryptocurrency in U.S. politics is moving from the margins toward a more central position.
Analysts believe that if Musk fulfills his promise to promote grassroots political movements targeting key electoral districts, related crypto tokens are likely to rise in value, attracting more attention from speculators and supporters. This combination of politics and cryptocurrency not only brings short-term active trading to the tokens but also promotes community building and ecological development to some extent.
However, as the trading heat of meme coins continues to rise, regulatory agencies are also becoming more vigilant. U.S. financial regulators may increase scrutiny of these high-risk digital assets, particularly imposing stricter requirements on political fundraising and the transparency of public fund flows.
Despite attracting widespread attention, a review of Musk's past political attempts cannot be considered very successful. He once collaborated with Trump to support the local Republican campaign in Wisconsin, ultimately failing to change the election outcome, reflecting the limitations of celebrity influence in the political arena.
As Musk faces the challenge of forming a national third party in the U.S., the obstacles seem even more daunting: complex laws and regulations, high voter registration thresholds, lack of a complete organizational structure, and the long-standing dominance of the two-party system all raise questions about whether a new party can break through.
Related: Bitcoin (BTC) "cup and handle" breakout target is $230,000, Solana (SOL) aims for a 2800% increase.
Original: “The American Party's First Cry: Is Musk's Political Crypto Show Just Getting Started?”
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