The meme coin’s performance could be linked to the news that billionaire Dogecoin fan Elon Musk is establishing a new political party, dubbed “The America Party," which will aim to provide an alternative to the Democrats and Republicans.
In a late-night tweet session, the world's richest man confirmed that his new platform will embrace Bitcoin because "fiat is hopeless," though he failed to mention Dogecoin.
Elon Musk’s newly launched America Party has put Bitcoin at the center of its political identity, with the multi-billionaire describing fiat currency as “hopeless” and aligning the party's platform with calls for radical fiscal reform.
Fresh from announcing the formation of the America Party last Saturday, Elon Musk appeared to align the alpha crypto with his new party's objectives.
Fiat is hopeless, so yes
— Elon Musk (@elonmusk) July 7, 2025
"Fiat is hopeless, so yes," Musk tweeted in respon...
Elon Musk and Dogecoin
Musk and the crypto world have a long and complicated relationship, with the billionaire's affinity for Dogecoin a recurring theme.
With Dogecoin making a comeback late last year and early into 2025, some may be pondering: Where did the asset come from? What’s it for? And what’s Tesla CEO Elon Musk got to do with it?
The original meme coin’s boom largely has the world’s richest man to thank. Musk’s obsession with shitposting helped boost the coin to a top 10 cryptocurrency.
It’s been a wacky ride over the past few years, culminating in Musk's appointment to lead a government agency called DOGE—yes, really. But we'll explain...
Monday's market moves may indicate traders are hopeful that there will be a place for Dogecoin in Musk’s political party—or at the very least, that he'll post about it again.
Solana pops following staking ETF launch
Other strong performers among major altcoins include Solana and Ethereum, which have risen by 3.1% and 1.9% respectively at time of publication.
Wednesday saw an exchange-traded fund offering exposure to Solana launch for the first time in the U.S.—with a REX Shares and Osprey Funds spokesperson telling Decrypt it generated $12 million in inflows on day one.
Volume in $SSK now at $20m, which is really strong, top 1% for a new launch. For context, $SOLZ did $1m on Day One, and that's pretty good. Also, the $25m in seed assets makes $SSK already bigger than $SOLZ. https://t.co/ibiKxizeeQ
Bloomberg analyst Eric Balchunas noted it had a "healthy start to trading" that put the fund within the top 1% of new launches.
However, the Securities and Exchange Commission is yet to decide on whether to give the green light to ETFs tracking the spot price of SOL and other altcoins, which could potentially drive billions of dollars of institutional investment.
Altcoins are considerably outperforming Bitcoin at time of publication, with the alpha crypto relatively flat, rising just 0.5% over the past 24 hours.
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U.S. stocks rebounded Monday, lifting risk assets broadly, including crypto. But analysts remain cautious, citing persistent macroeconomic uncertainty and growing signs of excess across markets.
The tech-led rally saw the Nasdaq and Russel 2000 indexes jump 1.84% and 2.35%, respectively. Bitcoin, on the other hand, saw a modest uptick of 0.74%, according to CoinGecko data.
Market gains tracked a sharp shift in sentiment following a 258,000 downward revision to May and June jobs data, fueling ex...
Publicly traded real estate software firm DeFi Development Corp. bolstered its Solana treasury with more than 110,000 SOL valued around $18.4 million, the firm announced on Monday.
The latest purchase brings its total Solana holdings to 1,293,562 or more than $215 million at today’s Solana prices.
“We’re focused on growing SOL per share as quickly and efficiently as possible,” DeFi Development Corp. Head of Investor Relations Dan Kang told Decrypt. “Market conditions appeared favorable, and we...
Cryptocurrency platform Bullish publicly filed its F-1 registration with the SEC on Monday, signaling its plan to offer 20,300,000 ordinary shares in an initial public offering (IPO) which would raise up to $629 million.
The Peter Thiel-backed firm expects to offer its shares in the range of $28-31 dollars, providing a valuation of somewhere between $3.8 and $4.2 billion based on the expected shares outstanding following the offering.
“We now intend to IPO because we believe that the digital a...