Following in the footsteps of public figures like Donald and Melania Trump, Errol Musk, father of tech mogul Elon Musk, has entered the cryptocurrency market with his own memecoin, MUSKIT.
On January 31, Errol Musk announced plans to raise between $150 million and $200 million through MUSKIT to fund the Musk Institute, a for-profit think tank. This initiative, first reported by Fortune Crypto, aims to bring together researchers to explore ambitious engineering projects, including the development of flying vehicles. However, details about the institute’s official launch and the token’s long-term structure remain scarce.
Launched on December 12, 2023, in partnership with tech consultant Nathan Browne, MUSKIT has seen a remarkable price surge. At the time of writing, the token is trading at $0.0497, reflecting a 355% increase, with a market capitalization of approximately $53.6 million. Its all-time high of $0.0728 on January 31 and low of $0.0089 on January 21 highlight the volatility that has characterized its performance.
MUSKIT has outperformed well-established memecoins like Dogecoin and Shiba Inu in the past 24 hours, with the latter gaining only 1% and 3%, respectively. As interest grows, investors and analysts are closely watching its trajectory.
Reflecting on his influence within the family, Errol Musk stated, “I’m the head of the family. It really started with me in our family — I’ve been ‘Musking It’ for years.” Despite his involvement, he clarified that neither of his sons, Elon nor Kimbal Musk, have any role in the cryptocurrency or the Musk Institute.
The rise of personal memecoins has gained momentum, especially among high-profile figures. Trump’s TRUMP coin, for instance, reached a market capitalization of approximately $6.6 billion shortly after its launch, while Melania Trump’s MELANIA coin surged 1000% before stabilizing at $2.60 after peaking at around $13.
Addressing concerns about the legitimacy of MUSKIT, Errol Musk and Nathan Browne have emphasized that the project is not a “pump and dump” scheme. “If anyone is relying on Elon to endorse or contribute, then I think they’re missing the point,” Browne remarked, underscoring the independent nature of the initiative.
With its rapid rise and growing investor attention, MUSKIT has positioned itself as a noteworthy addition to the ever-expanding world of memecoins. Whether it sustains its momentum or follows the trajectory of other high-profile tokens remains to be seen.