- Errol Musk (Elon’s father) endorsed a new memecoin called Musk It
- He aims to raise between $150 million and $200 million to fund the Musk Institute
- Elon hasn’t said anything about his father’s endeavor yet
Errol Musk, father of tech entrepreneur Elon Musk, entered the cryptocurrency space when he endorsed a new memecoin called Musk It (MUSKIT).
The project aims to raise between $150 million and $200 million to fund the Musk Institute, a for-profit think tank dedicated to scientific research and innovation.
The memecoin launched in December 2024 and initially gained little traction. However, after Errol Musk’s endorsement, the MUSKIT token saw a significant surge. According to CoinMarkerCap, its current market cap is $65.48 million.
It’s no secret that his son Elon has a good deal of influence over memecoins. The Tesla CEO has not endorsed his father’s initiative yet, and it could still be a major boost for the MUSKIT memecoin if he eventually does.
But considering that the two aren’t on good terms, the endorsement might never happen.
Related: Meme Coins Surge as Elon Musk Adopts ‘Kekius Maximus’ Persona
Errol Musk’s move into the memecoin market has drawn attention, but it has also raised questions about the transparency and legitimacy of such ventures. Critics express concerns over the speculative nature of memecoins and the potential risks they pose to investors.
Errol’s move aligns with a broader trend of high-profile figures launching or endorsing memecoins. For instance, US President Donald Trump recently introduced the Official Trump (TRUMP) memecoin, and asset managers have filed for exchange-traded funds (ETFs) focusing on memecoins associated with public figures like Trump. Even his wife Melania has her own memecoin.
MUSKIT and the Musk Institute
A think tank led by Errol Musk, the Musk Institute plans to undertake projects across various sectors, including artificial intelligence, energy, data storage, communications, and space, with budgets reaching up to $1 billion. Musk It acts as the cryptocurrency that lets token holders take part in every project and initiative offered by the Musk Institute.
It’s worth noting that Elon Musk isn’t a part of the Musk Institute, and it’s debatable if he ever will be.
Related: Ripple and Elon Musk Highlight SEC’s Legal Missteps Under Gensler
Following its launch, Musk It began trading on the MEXC Exchange and is in the process of gaining admission to other leading cryptocurrency exchanges. The leadership team behind Musk It comprises established figures in Web3, AI, and blockchain, aiming to position it as a leading cryptocurrency to rival Dogecoin and Shiba Inu.
Whether Errol’s venture will be profitable is yet to be seen.
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