Errol Musk, father of billionaire entrepreneur Elon Musk, has entered the crypto space with his own memecoin, Musk It (MUSKIT). Unlike tokens linked to high-profile figures such as Donald Trump’s TRUMP and MELANIA coins, MUSKIT lacks Elon Musk’s backing—a factor that could significantly impact its success.
Launched on December 12, 2024, by a Middle Eastern crypto firm, MUSKIT aims to raise $200 million to fund the Musk Institute, a for-profit think tank. However, the token has struggled to gain traction, plunging over 52% from its initial price to trade at just $0.02 with a $25 million market cap.
Industry analysts remain skeptical, noting that memecoins thrive on hype, often fueled by direct celebrity endorsement. Blockchain expert Anndy Lian emphasized that without Elon Musk’s support, MUSKIT may fail to generate sustainable interest.
Despite this, memecoins continue to draw speculative traders chasing massive gains. Some investors have turned small amounts into millions by holding tokens like PEPE and HYPER. Whether MUSKIT can defy the odds remains uncertain, but for now, it serves as another example of how memecoins capitalize on public figures—sometimes with, and sometimes without, their approval.
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