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- 📢 #Gate Square Writing Contest Phase 3# is officially kicks off!
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Elon Musk Shares Plans for Launching 'America Party', Marking a Significant Impact on the Crypto Market
Elon Musk, the co-founder of luxury car manufacturer Tesla, has revealed the possibility of establishing a new political party this weekend. According to Elon Musk, this famous entrepreneur intends to launch the "America Party," indicating a significant impact on both political and financial sectors, especially cryptocurrency. At the same time, this announcement has raised concerns about the recently proposed congressional spending bill. Elon's idea of the 'America Party' has raised speculation about its potential impact on the cryptocurrency sector. The co-founder of Tesla has taken to social media to classify the latest bills in America as "crazy." With this viewpoint, he expressed his intention to soon establish a monopoly political party, the "American Party." On this matter, he asserted that such a step is necessary to restore representation for voters. Although there is no immediate impact on the cryptocurrency market, historical cases show the significant influence of Musk's previous discussions related to the political situation. In particular, Musk has played a major role in the extreme price volatility of the famous meme coin Dogecoin ($DOGE). Musk's past political interventions indicate the notable volatility of cryptocurrency. The latest introduction to the "America Party" also emphasizes the potential impact on $DOGE and other cryptocurrencies. Currently, Dogecoin ($DOGE) is trading at $0.1636 after a slight decrease of 0.01% in the past 24 hours. On the other hand, its weekly price performance shows an increase of 0.4%. Additionally, there is a likelihood that $DOGE will experience significant volatility in the near future, driven by Musk's latest statements. Overall, Musk's latest proposal to establish a "New America Party" is a new example of political intervention. Implementing this threat could indeed pose a significant challenge to the current two-party system operating in the United States. However, currently, there is no evidence showing the rapid volatility in the cryptocurrency space, including top assets like Bitcoin ($BTC).