Elon Musk's father, Errol Musk, is now entering the cryptocurrency space after former President Donald Trump and First Lady Melania Trump did so with their respective memecoins, TRUMP and MELANIA.
According to Fortune Crypto, Errol Musk stated on January 31 that he hopes to generate $150 million to $200 million using his memecoin, MUSKIT, in order to finance the Musk Institute, a new for-profit think institution.
Musk On December 12, 2023, it debuted its memecoin in collaboration with tech expert Nathan Browne.
With a market valuation of about $53.6 million, the Musk It token (MUSKIT) is currently trading at $0.0497, up 355%. With an all-time high of $0.0728 on January 31 and an all-time low of $0.0089 on January 21, the cryptocurrency has seen tremendous fluctuation.
In the last day, MUSKIT has outperformed popular memecoins like Dogecoin and Shiba Inu, which have increased by 1% and 3%, respectively.
"I'm the head of the family," Errol Musk said, highlighting his fundamental role in the household. I've been "Musking It" for years, so it actually began with me in our family.
He made it clear that the Musk Institute and its cryptocurrency project are not associated with either of his sons, Elon or Kimbal Musk.
The Musk Institute intends to bring together scientists to investigate a range of engineering endeavors, including as the creation of flying automobiles. However, there are still few specifics regarding the institute's debut schedule and the structure of the "Musk It" coin.
Launching personal memecoins has becoming more popular among celebrities.
For example, soon after its issuance, the market value of Trump's official coin rose to over $6.6 billion. Comparably, Melania Trump's MELANIA coin reached a peak of about $13, surged 1000%, and then plummeted to $2.60.
Despite these reservations, Musk and Nathan Browne maintain that their idea is not a "pump and dump" strategy.
"I think people are missing the point if they are depending on Elon to support or contribute," Browne continued.
