Elon Musk’s father goals to generate as much as $200 million by means of a newly launched meme coin. In keeping with Errol Musk, the plan is to lift a minimal of $150 million by means of the “Musk It” meme coin to fund a for-profit assume tank referred to as the Musk Institute. The analysis institute will concentrate on scientific developments, together with tasks like flying autos.
MUSKIT and the Meme Coin Market
MUSKIT is one other meme coin having fun with reputation just like the just lately launched $TRUMP and $MELANIA tokens launched by the US President and First Girl. Each tokens gained reputation very shortly after their launches a number of days aside, however have since misplaced most of their steam. Nonetheless, there are a number of new meme cash price investing in that supply holders thrilling options together with entry to layer-2 protocols to enhance scalability, excessive returns for staking, and performance within the gaming business with play-to-earn (P2E) competitions for added rewards.
In a latest interview with Fortune from his Cape City residence, Errol – who has an estimated web price of $5 million – defined that he would execute his plans together with Nathan Browne, his enterprise companion. Though they plan to lift cash through the meme coin, Errol explains that he and Browne didn’t design the coin. They solely authorised the title and determined to work collectively on the token after it was launched in December by a cryptocurrency firm primarily based within the Center East.
On the meme coin and the inspiration, Errol mentioned:
“I’m the pinnacle of the household. It actually began with me in our household – I’ve been ‘Musking It’ for years.”
In keeping with CoinGecko knowledge, Musk It (MUSKIT) is at the moment buying and selling at $0.0264, up greater than 100% over the past 7 days however down over 30% within the final month. As well as, MUSKIT is no less than 66% decrease than its all-time excessive (ATH) of $0.07278 from January 31, 2025. In the meanwhile, there may be not a lot route for the way forward for MUSKIT, or whether or not or not Errol and Nathan will efficiently hit their desired goal. Nonetheless, it’s noteworthy that the token struggled when it initially launched and solely started recording actual motion after Errol’s announcement.
MUSKIT and Whether or not Elon Will Be a part of
The meme coin area has been buzzing just lately, particularly with the discharge of tokens from the Trump household. Nevertheless, this isn’t sufficient to anticipate Elon’s curiosity or contribution. Errol reportedly has an estranged relationship along with his sons Elon and Kimbal. Whereas Elon as soon as described Errol as “such a horrible human being,” Elon’s mom, Maye, has additionally alleged abuse.
Though some studies recommend the daddy and son have mentioned the mission, many surprise what the impact of Errol’s involvement within the token can be for the reason that asset shares the household title. Nevertheless, in response to the concept that buyers will join the meme coin to Elon, regardless of his distance from the mission, Errol merely requested:
“Anyone that follows after [Elon] shouldn’t be allowed to achieve success as a result of Elon is profitable?”
Browne additionally famous that Elon’s endorsement or contribution is pointless, and anybody who thinks in any other case is “lacking the purpose.”
Notably, Elon has had earlier involvements with the crypto business, particularly with a number of tweets which have pumped the values of cryptocurrencies like Dogecoin (DOGE).
In keeping with Browne, one requirement for partnering with MUSKIT was a assure that the token should not be used as a “pump and dump” scheme. Nevertheless, there may be some concern for the token as a result of there aren’t any public particulars about tokenomics and distribution.
On the way forward for MUSKIT, writer and blockchain professional Anndy Lian says the token will doubtless by no means succeed just like the Trump cash. In keeping with Lian, “Elon’s private stamp” would be the solely issue that can change the asset’s trajectory.
