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- Errol Musk (Elon’s father) endorsed a brand new memecoin known as Musk It
- He goals to boost between $150 million and $200 million to fund the Musk Institute
- Elon hasn’t stated something about his father’s endeavor but
Errol Musk, father of tech entrepreneur Elon Musk, entered the cryptocurrency house when he endorsed a brand new memecoin known as Musk It (MUSKIT).
The venture goals to boost between $150 million and $200 million to fund the Musk Institute, a for-profit suppose tank devoted to scientific analysis and innovation.
The memecoin launched in December 2024 and initially gained little traction. Nevertheless, after Errol Musk’s endorsement, the MUSKIT token noticed a major surge. In keeping with CoinMarkerCap, its present market cap is $65.48 million.
It’s no secret that his son Elon has a great deal of affect over memecoins. The Tesla CEO has not endorsed his father’s initiative but, and it might nonetheless be a significant increase for the MUSKIT memecoin if he ultimately does.
However contemplating that the 2 aren’t on good phrases, the endorsement may by no means occur.
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Errol Musk’s transfer into the memecoin market has drawn consideration, but it surely has additionally raised questions concerning the transparency and legitimacy of such ventures. Critics specific considerations over the speculative nature of memecoins and the potential dangers they pose to traders.
Errol’s transfer aligns with a broader pattern of high-profile figures launching or endorsing memecoins. For example, US President Donald Trump not too long ago launched the Official Trump (TRUMP) memecoin, and asset managers have filed for exchange-traded funds (ETFs) specializing in memecoins related to public figures like Trump. Even his spouse Melania has her personal memecoin.
MUSKIT and the Musk Institute
A suppose tank led by Errol Musk, the Musk Institute plans to undertake tasks throughout varied sectors, together with synthetic intelligence, power, information storage, communications, and house, with budgets reaching as much as $1 billion. Musk It acts because the cryptocurrency that lets token holders participate in each venture and initiative provided by the Musk Institute.
It’s value noting that Elon Musk isn’t part of the Musk Institute, and it’s debatable if he ever shall be.
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Following its launch, Musk It started buying and selling on the MEXC Alternate and is within the strategy of gaining admission to different main cryptocurrency exchanges. The management staff behind Musk It includes established figures in Web3, AI, and blockchain, aiming to place it as a number one cryptocurrency to rival Dogecoin and Shiba Inu.
Whether or not Errol’s enterprise shall be worthwhile is but to be seen.
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