A meme coin called America Party (AP) has launched today on the Solana blockchain, and the new offering has seen an overwhelming gain of over 537% within the first 24 hours, according to data from CoinMarketCap.

The billionaire says the America Party aims to disrupt U.S. politics, but with no candidates yet and major ballot hurdles ahead, its future remains uncertain.

After a public falling out and open criticisms of President Donald Trump, Elon Musk announced his plans to form a new political party. Here's what to know