After former President Donald Trump and First Lady Melania Trump ventured into the cryptocurrency world with their respective memecoins TRUMP and MELANIA, Elon Musk’s father, Errol Musk, is now following suit.
On Jan. 31, Errol Musk said he is aiming to raise between $150 million and $200 million via his memecoin MUSKIT to fund a new for-profit think tank called the Musk Institute, reported Fortune Crypto.
Musk It memecoin was launched on Dec. 12, 2023, in partnership with tech consultant Nathan Browne.
At the time of writing, the Musk It token (MUSKIT) is trading at $0.0497, up 355%, with a market capitalization of around $53.6 million. The token has experienced significant volatility, with an all-time high of $0.0728 on Jan. 31 and an all-time low of $0.0089 on Jan. 21.
MUSKIT outperforms top memecoins like Dogecoin and Shiba Inu in the past 24 hours, which have gained 1% and 3% respectively.
Errol Musk noted his foundational role in the family, stating, “I’m the head of the family. It really started with me in our family — I’ve been ‘Musking It’ for years.”
He clarified that neither of his sons, Elon nor Kimbal Musk, are involved in this cryptocurrency initiative or the Musk Institute.
The Musk Institute plans to assemble researchers to explore various engineering projects, including the development of flying vehicles. However, specific details about the institute’s launch timeline and the “Musk It” token’s structure remain sparse.
Erol Musk says it’s not a ‘pump and dump’
The trend of launching personal memecoins has gained momentum among public figures.
Trump’s official Trump coin, for instance, reached a market capitalization of approximately $6.6 billion shortly after its launch. Similarly, Melania Trump’s MELANIA coin peaked at around $13, surging 1000% before tanking to $2.60.
Musk and Nathan Browne acknowledge these concerns and assert that their project is not a “pump and dump” scheme.
“If anyone is relying on Elon to endorse or contribute, then I think they’re missing the point,” Browne added.
