Errol Musk, the father of billionaire entrepreneur Elon Musk, has partnered with a business associate to promote a crypto meme called Musk It (MUSKIT). Within 30 minutes, the value of the Solana-based token surged by 1500% following Errol’s published endorsement by Fortune (a media outlet).
Why Endorse MUSKIT?
Errol aims to raise at least $150 million from MUSKIT, with proceeds used to fund the Musk Institute, a for-profit think tank he founded. According to data from the analytics platform DEX Screener, the token’s market capitalization is $42 million, a 91.7% decrease from its $all-time high of $507 million.
The billionaire entrepreneur’s father claims that his son’s invitation to a SpaceX launch inspired his decision to affiliate with the MUSKIT token. Elon had praised his father’s influence on his engineering skills.
Errol is pushing forward with the MUSKIT token, arguing that he should be allowed to pursue his projects without being overshadowed by his son’s success. His partner, Nathan Browne, emphasized that they are committed to ensuring the project is not a “pump-and-dump” scheme.
Elon Musk’s Noninvolvement — A Potential Concern
Errol’s recent endorsement of the Pump.fun MUSKIT meme token could raise investor concerns. Browne acknowledged the situation, saying, “If anyone is relying on Elon to endorse or contribute, then I think they’re missing the point.”
Errol revealed that he recently spoke with his son Elon, who had expressed interest in the project after seeing media coverage. He claimed to have reassured Elon that he would carry out the project plans independently.
Despite Errol’s claims, many would-be buyers will likely associate the crypto with his famous son. However, senior Musk discredited this saying:
“I’m the head of the family… It started with me in our family—I’ve been ‘Musking It’ for years.”
The $94 Billion Memecoin Sector
According to the aggregator platform CoinMarketCap, memecoins collectively boast $94 billion in market capitalization. The sector has been gaining increasing interest since the debut of the top meme DOGE, backed by Elon Musk. Several tokens have been created to track interest in politics and community trends.
Famous individuals, including music and football celebrities, have also launched meme tokens. On the eve of Trump’s inauguration as the 47th U.S. President, a new memecoin called $MELANIA, named after his wife, debuted on the Solana blockchain network.
Meanwhile, Binance co-founder Changpeng Zhao (CZ) has voiced concerns about memecoins, stating that it has become weird. He emphasized the need for developers to leverage blockchain technology to create practical solutions rather than prioritizing memecoins.
