Will Musk’s America Party Crown Dogecoin Next After Embracing Bitcoin?

• Billionaire Elon Musk has hinted that he could form a political party in the US called the America Party.
• Musk’s interest in Dogecoin (DOGE) has forced enthusiasts to believe that his political party could support the meme coin alongside Bitcoin (BTC). 

CNF disclosed in a recent update that billionaire Elon Musk and the US President Donald Trump might have fallen out after a heated war of words over the proposed tax-and-spending package. In that report, we highlighted how Musk expected this move to increase the country’s debt ceiling to $5 trillion, labeling it “disgusting” and “outrageous”.

About a month later, Musk, once an ever-present ally to the US president, has hinted that he could form a political party if this “insane spending bill passes”. According to him, his “America Party” would operate quite differently from the others as it would give people back their freedom.

Commenting on this, Trump labeled this idea as “ridiculous”, claiming a third party would never work.

The Democrats have lost their way, but it’s always been a two-party system. And I think starting a third party adds to the confusion. It really seems to have been developed for two parties.

America Party to Embrace Bitcoin. What About Doge?

In the comment section of his post, Musk was asked whether the America Party would embrace Bitcoin. Fascinatingly, he gave an affirmative answer. Certainly, Musk’s interest in crypto is not strange as his Tesla company was one of the early institutional adopters, holding Bitcoin in its Treasury.

In early 2021, Tesla purchased $1.5 billion worth of Bitcoin. Today, it holds about 11,509 BTC ($1.2 billion). Apart from Bitcoin, another crypto that could be largely supported by Musk’s political party is Dogecoin (DOGE).

Musk’s involvement with DOGE goes back to 2019 when he tweeted that the meme coin might be his favorite crypto. Soon after his tweet, DOGE gained massive attention, pushing its market cap to $400 million.

Later, Musk also branded himself the CEO of DOGE. This caught the interest of many high-profile crypto exchanges, including Coinbase Pro, to list it. At a point, the billionaire even called himself the “Dogefather”, causing the asset to record another upsurge to its all-time-high price of $0.73.

Beyond the investment aspect, Musk hinted some years ago that his satellite company, SpaceX, would launch a rocket to the moon, and would be funded by DOGE. In 2022, his car company also started accepting payments in the meme coin.

After he acquired the social media platform Twitter (now X), Musk hinted that they may integrate DOGE. As indicated in our recent post, X CEO Linda Yaccarino has disclosed that Musk’s “Everything App” is moving to finance, increasing the sentiment around the coin. Already, several money transmitter licenses have been secured across the US, as also mentioned in our earlier blog post.

Later, Musk was hit with a lawsuit for pumping the price of the asset making people lose their money in the process. However, he scored a win as the judge dismissed the lawsuit. Even though the Tesla founder has been relatively quiet on DOGE since 2023, his involvement in the Republican campaign significantly affected the price.

At the time of writing this article, DOGE was trading at $0.173 after surging by 5% in the last 24 hours.

As highlighted in our recent analysis, the asset can surge by 4,259% to set a new all-time-high price. In March, DOGE successfully broke its three-month descending trendline, suggesting an impending rally, as also explained in our last analysis.