Errol Musk, father of tech magnate Elon Musk, is reported to be setting in motion a memecoin initiative titled Musk It (MUSKIT). The project hopes to garner upwards of $200 million in funding, which would in turn back a unique for-profit think tank known as the Musk Institute.
This new addition to celebrity-backed memecoin projects follows after former President Donald Trump unveiled two memecoins, Official Trump (TRUMP) and Official Melania (MELANIA), launched on the Solana network. This new attraction back into memecoins spiked retail investor interests.
The Musk It token was already launched in December 2024 by a Middle Eastern cryptocurrency organization. Despite having the Musk name associated, the coin has lost over 52% of its initial market value, now sitting at $0.02 per token with a market capitalization of $25 million.
Errol Musk clarified that his son, Elon, has no affiliations with the meme token project. Without Elon Musk’s explicit endorsement, Anndy Lian, a respected blockchain expert, suggests the Musk It token might not experience the same degree of success as those endorsed by the Trump family.
Despite the absence of intrinsic utility in memecoins, their potential for swift, substantial returns continues to grip the interest of investment enthusiasts. They are often regarded as the “lottery tickets of the digital world,” with traders seeking to exploit the token’s volatility. In previous cases, traders have successfully turned modest initial investments into millions by capitalizing on memecoin rallies.