Errol Musk aims to raise up to $200 million with the Musk It token to fund the Musk Institute. Will it be a success?
Elon Musk's father Errol Musk plans to raise up to $200 million to create the Musk Institute using profits from the Musk It token. Together with business partner Nathan Brown, they are publicly ready to back the previously launched memcoin of the same name.
Politician and entrepreneur Errol Musk, as well as Elon Musk's father, said in an interview that he expects to raise between $150 million and $200 million through the recently launched Musk It token (MUSKIT).
In what's quickly becoming my new beat, I spoke with Elon Musk's father Errol about his new memecoin, Musk It.
"I'm the head of the family," Errol told me. "It really started with me in our family-I've been 'Musking It' for years."https://t.co/KlnTNxPFKQ
Errol Musk stressed that he will use these funds to create a new commercial think tank, the Musk Institute, in collaboration with his business partner Nathan Brown.
The idea of founding an institute that would bring together researchers for various engineering projects originated during a visit to the United Arab Emirates, but Musk and Brown did not provide a launch date, reporters noted.
It should be noted that the memecoin Musk It was launched as early as December 2024 by an unknown cryptocurrency company based in the Middle East. Now Errol Musk and Nathan Brown are ready to publicly endorse the token. According to the latter, one of the conditions for joining the project with the Musk It token was that it "could not be a Pump and Dump scheme".
However, in an interview with the media, the two business partners did not show a clear understanding of the tokenomics of the Musk It memecoin.
Musk It: Errol Musk's Memecoin Risks the Flop
According to author and intergovernmental blockchain expert Anndy Lian, although Musk's name gives the initiative some relevance, the project may not have much potential without Elon's direct support.
"I don't think Musk It will achieve the same level of success as some Trump family memecoins. It seems like people are really excited about these projects because of Elon's personal touch."
Despite the inherently low value of memecoins, which often leads to severe downward volatility, interest in them tends to re-emerge after a crypto market downturn as investors look for the next big investment opportunity.
However, some traders successfully manage the volatility of meme tokens.
On 14 December, one astute cryptocurrency trader took advantage of the rise of the memecoin Pepe (PEPE) to $0.00001339, turning a $27 investment into a $52 million profit. For over 600 days, this anonymous trader has maintained his original investment.
The token's market capitalisation exceeds $25 million. Although Elon Musk has always opposed the sale of digital tokens that exploit his name, Errol Musk emphasised that he was the one who started the 'entrepreneurial spirit' in their family and continues to represent it.
"It all started with me in our family - I do 'Musking It'," said Errol Musk.
Recently, several projects of the company CIC Digital, which sells various products under the brand name of former US President Donald Trump, started accepting TRUMP and MELANIA memecoin payments.
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The characterisation of digital currencies has recently been the subject of important discussions. One of the questions is whether assets, such as non-fungible tokens (NFT) and MEME coins, should be classified in the category of commodities and securities.
Melania Trump, the First Lady of the United States, unveiled her digital currency, the $MELANIA image coin, following the launch of the $TRUMP coin by President Donald Trump.
Elon Musk's father Errol Musk plans to raise up to $200 million to create the Musk Institute using profits from the Musk It token. Together with business partner Nathan Brown, they are publicly ready to back the previously launched memcoin of the same name.
Politician and entrepreneur Errol Musk, as well as Elon Musk's father, said in an interview that he expects to raise between $150 million and $200 million through the recently launched Musk It token (MUSKIT).
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Errol Musk stressed that he will use these funds to create a new commercial think tank, the Musk Institute, in collaboration with his business partner Nathan Brown.
The idea of founding an institute that would bring together researchers for various engineering projects originated during a visit to the United Arab Emirates, but Musk and Brown did not provide a launch date, reporters noted.
It should be noted that the memecoin Musk It was launched as early as December 2024 by an unknown cryptocurrency company based in the Middle East. Now Errol Musk and Nathan Brown are ready to publicly endorse the token. According to the latter, one of the conditions for joining the project with the Musk It token was that it "could not be a Pump and Dump scheme".
However, in an interview with the media, the two business partners did not show a clear understanding of the tokenomics of the Musk It memecoin.
Musk It: Errol Musk's Memecoin Risks the Flop
According to author and intergovernmental blockchain expert Anndy Lian, although Musk's name gives the initiative some relevance, the project may not have much potential without Elon's direct support.
Despite the inherently low value of memecoins, which often leads to severe downward volatility, interest in them tends to re-emerge after a crypto market downturn as investors look for the next big investment opportunity.
However, some traders successfully manage the volatility of meme tokens.
On 14 December, one astute cryptocurrency trader took advantage of the rise of the memecoin Pepe (PEPE) to $0.00001339, turning a $27 investment into a $52 million profit. For over 600 days, this anonymous trader has maintained his original investment.
The token's market capitalisation exceeds $25 million. Although Elon Musk has always opposed the sale of digital tokens that exploit his name, Errol Musk emphasised that he was the one who started the 'entrepreneurial spirit' in their family and continues to represent it.
"It all started with me in our family - I do 'Musking It'," said Errol Musk.
Recently, several projects of the company CIC Digital, which sells various products under the brand name of former US President Donald Trump, started accepting TRUMP and MELANIA memecoin payments.
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The community for blockchain and cryptocurrency enthusiasts.
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