Errol Musk, father of billionaire entrepreneur Elon Musk, has develop into the most recent determine to leap into the meme coin frenzy.
Following within the footsteps of former U.S. President Donald Trump and First Woman Melania Trump, who lately launched their very own cryptocurrency tokens, Errol Musk has introduced his involvement in a mission referred to as “Musk It.”
In an interview with Fortune, Musk and his enterprise associate, tech guide Nathan Browne, revealed their ambition to lift between $150 million and $200 million by means of the meme coin enterprise.
Errol Plans to Set up Musk Institute
The funds, they declare, will probably be used to ascertain the Musk Institute, a for-profit assume tank targeted on superior scientific analysis, together with the event of flying autos.
Regardless of his endorsement, Errol Musk clarified that he didn’t create the Musk It token.
The meme coin was quietly launched in December 2023 by a Center Japanese-based crypto firm on the Solana blockchain.
Nevertheless, after conceiving the thought for the Musk Institute later that yr, Musk and Browne determined to collaborate with the mission, approving the title and lending their public assist.
Musk has now formally endorsed MUSKIT, which was initially launched through Pump.enjoyable, a Solana-based meme coin creation platform.
Errol Musk, father of Elon Musk, has endorsed MUSKIT, a Solana memecoin, aiming to lift as much as $200M for his Musk Institute. $MUSKIT surged 7x after his backing earlier than retracing to $0.035. pic.twitter.com/UHeWmqhhje
— Satoshi Membership (@esatoshiclub) January 31, 2025
Nevertheless, little data is on the market concerning the mission’s tokenomics, apart from its 1 billion complete provide.
Even Musk himself appeared unfamiliar with a few of the finer particulars, although Browne insisted that “this can’t be a pump and dump.”
Since its December 9 launch, MUSKIT had seen a gentle decline in value earlier than experiencing a sudden surge following Musk’s public endorsement.
The token spiked from $0.01 to $0.07, solely to later retreat to $0.035, putting its market capitalization at $35 million, in response to CoinGecko.
Regardless of his involvement, Errol Musk emphasised that Elon Musk has no connection to the mission.
He acknowledged that he had spoken along with his well-known son in regards to the token however made it clear that “Elon has nothing to do with this.”
Nevertheless, the mission’s web site closely references Elon Musk’s ventures, that includes pictures of a SpaceX rocket, Tesla Cybertruck, and a Martian colony, with a tagline suggesting that the “Mars Musk It base” is opening quickly.
Elon Musk and the Meme Coin Phenomenon
Elon Musk has lengthy been related to meme cash, notably Dogecoin (DOGE), which he has continuously referenced on social media.
Nevertheless, whereas quite a few third-party tokens have used his title, he has by no means launched an official cryptocurrency of his personal.
In the meantime, the broader meme coin market continues to see high-profile launches.
Donald Trump’s official Solana-based token, TRUMP, debuted on the Crypto Ball in Washington forward of his presidential inauguration, initially skyrocketing to a valuation of $75 billion—briefly surpassing DOGE.
Nevertheless, it later noticed a pointy correction after Melania Trump launched her personal token, MELANIA.
As of now, TRUMP is buying and selling at $25.77 with a $5.1 billion market cap, whereas MELANIA sits at $2.06 with a $308 million valuation.
The surge in celebrity-endorsed cryptocurrencies raises questions in regards to the long-term viability of those tasks.
Whereas some, like DOGE, have maintained a devoted following, others have seen speedy booms and busts.
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