Errol Musk Backs Memecoin 'Musk It' Aimed at Raising $200M for Think Tank
By: Eva Baxter
Errol Musk, known for being the father of tech mogul Elon Musk, has put his weight behind a new memecoin initiative called 'Musk It.' This effort aims to generate between $150 million to $200 million for the Musk Institute, a for-profit think tank dedicated to fostering scientific research and innovation. Interestingly, the initiative is being led by Errol and his business associate Nathan Browne, independent of Elon Musk’s enterprises such as Tesla and SpaceX.
The memecoin endeavor has captured attention largely due to Errol's connection to Elon, one of the most renowned figures in tech and cryptocurrency. However, Elon Musk has consistently made it clear that he, nor his companies, plan to issue any cryptocurrency tokens. The idea for launching the Musk It token occurred to Errol after attending an event organized by SpaceX where Elon expressed gratitude to him for imparting foundational engineering skills.
Reports from cryptocurrency platforms like CoinMarketCap and DEXScreener underscore the burgeoning interest in 'Musk It.' Statistics reveal the token, originally launched on Solana through the platform Pump.fun, increased its valuation by 300% following Errol Musk's backing. It achieved a peak price of $0.3322 before correcting to $0.03599. The trading volume also experienced a massive 8,000% surge, eclipsing $80 million. Despite its association with the Musk name, the project declares its independence from Elon, focusing instead on values of revolution and advancement.
Yet, this memecoin launch comes amid growing skepticism concerning celebrity-endorsed cryptocurrencies. Memecoins, often considered speculative and volatile, have prompted allegations for more regulation. Notable industry figures, including investor Mark Cuban, advocate for clearer oversight on memecoins to safeguard the industry’s integrity. As Errol Musk embarks on this ambitious journey, the cryptosphere watches with a mix of curiosity and caution, pondering the implications of yet another Musk venturing into decentralized currencies.
