Errol Musk Launches Memecoin to Fund Lucrative Think Tank
Errol Musk, father of Elon Musk, is capitalizing on the memecoin trend by launching his own token, Musk It (MUSKIT). With a target fundraising goal of $200 million, he hopes to finance a think tank called the Musk Institute, which has vague objectives but aims to be profitable.
This project is part of a recent trend where public figures, including politicians, explore cryptocurrencies as a means to raise funds. In January, Donald Trump and Melania Trump launched their respective tokens TRUMP and MELANIA on Solana, generating renewed interest from individual investors in highly speculative assets.
A Discreet Launch and Disappointing Performance
Unlike tokens backed by the former US president, Musk It was introduced without much media fanfare. Launched on December 12, 2024, by a Middle Eastern crypto company, the token has since lost over 75% of its value, trading around $0.01 for several days before recovering to its launch price, resulting in a market capitalization of nearly $50 million.
Despite the weight of the Musk name, the token’s performance falls far short of expectations. Currently, there is no official support from Elon Musk, which could explain this rocky start. Errol Musk himself confirmed that his son is not involved in this project.
Without Elon Musk, Limited Potential?
The absence of genuine commitment from Elon Musk poses a major obstacle to Musk It’s growth. The businessman is a key figure in memecoin culture, particularly due to his influence on Dogecoin (DOGE) and Floki Inu (FLOKI).
This disappointment highlights a reality of the market: memecoins are speculative assets whose value primarily relies on the reputation and influence of the public figures supporting them.
Persistent Enthusiasm Despite Extreme Volatility
Despite these challenges, interest in memecoins remains strong. These tokens are often seen as digital lottery tickets, with many investors hoping for tremendous gains.
This type of performance inevitably attracts new participants to the market, searching for the next x1000 capable of generating astronomical returns.
Uncertain Future for Musk It
Currently, Musk It is struggling to convince investors. Without Elon Musk’s support, it is difficult to imagine the project reaching the heights of the most popular memecoins.
The future of Musk It will depend on its ability to build a genuine community and capture the public’s attention… or receive a boost from the famous Tesla and SpaceX CEO.
