Elon Musk dad, Errol Musk, has big task to ensure Elon Musk crypto MUSKIT isn’t just another celeb pump and dump token – what’s going on?
Celebrities and Athletes continue their meme coin grifts, with Elon Musk’s dad, Errol, the latest. The father of the Tesla founder has announced plans to raise between $150 and $200 million to support the MUSKIT meme coin.
MUSKIT launched in December 2024 to little fanfare, as nobody from the Musk family had endorsed it previously. Now, Errol, along with his business partner, Nathan Browne, have decided to back the token amid a flurry of celeb-backed meme coins hitting the market.
Ilon Musk's father is launching a memcoin startup
Errol Musk plans to raise $150-200 million through the Musk It meme to fund his Musk Institute, Fortune reports. pic.twitter.com/mwx6FHguSw
— matt (@Seattleanderson) January 31, 2025
“I’m The Head Of The Family” Says Errol Musk As He Officially Endorses The MUSKIT Token
In an interview with Fortune, Musk’s father said he plans to raise up to $200 million from the meme coin project. Any proceeds from the MUSKIT project would then be used to support a for-profit think tank called the Musk Institute.
“I’m the head of the family,” Errol Musk told Fortune via a video call from his home in Cape Town. “It really started with me in our family, i’ve been ‘Musking It’ for years.”
The Musk It token was silently launched last December 12 by a Middle Eastern web3 company. At the time, the token failed to gain any real traction, and after briefly trading between $60-70 million in market cap, it went as low as $9 million.
Since Errol’s interview with Fortune yesterday (January 30), demand for the MUSKIT token has shot up, with over $89 million in trading volume in the past 24 hours alone.
With the renewed appetite for MUSKIT, its market cap briefly topped $100 million before a huge sell-off which saw it drop back to $12 million. The news of Errol’s endorsement has now hit the mainstream, which has led to the price recovering once again, and MUSKIT is now trading between $45-55 million.
Elon Not Involved With MUSKIT Per His Father: Will This Latest Celeb Meme Coin Be Yet Another Pump And Dump?
Errol quickly specified that his son, Elon, was not involved with the meme token project in any capacity. Unless the more famous Musk gets involved with MUSKIT, the token will likely struggle to match the success of the Trump family meme coins, namely TRUMP and MELANIA.
The summer of 2024 saw an influx of celebrity and athlete meme coins hit the market, from Iggy Izalea’s MOTHER to Jason Derulo and his JASON coin. Most were clear pump-and-dump schemes, none more so than the Hawk Tuah girl, Hailey Welch.
Welch launched the HAWK meme coin in early December 2024, and its market cap instantly soared to nearly $500 million. Wallets linked to Welch then began dumping the token, and it has failed to maintain a market cap of more than $10 million since.
The Hawk Tuah girl tried to defend herself via a series of X posts and spaces before announcing that she was going for a nap and hasn’t been heard from since.
Dropping to ZERO Soon. MUSK IT.
ONE thing you (the rich) should know about CT is, don't think you can keep squeezing the community for whateva you want, because then community gives you the f-off lol.
It fell like 😂 #MUSKIT #ErrolMusk #SOLANA #PeopleWin pic.twitter.com/HqQ6Wdlcwu
— Broke Guy (@0xBroke007) January 31, 2025
BONUS: Mind Of Pepe (MIND) Blasts Past $4.5 Million In Presale Funding As The Market Bets On Memes With Real Utility
In comparison to the useless celeb meme coins, Mind Of Pepe (MIND) is a brand new AI agent project that combines the viral appeal of meme coins with cutting-edge AI technology.
Over $4.5 million was raised in the first few weeks of its ICO, and the investment is not slowing down anytime soon. As a result, MIND is gearing up to become one of the hottest AI projects this year.
Like the market leader of AI agents, AIXBT, Mind of Pepe uses AI-backed agent technology to enhance user engagement and provide real-world utility. MIND utilizes cutting-edge machine learning algorithms to position itself as an entertaining yet functional AI agent operating across social media.
Watch crypto-commentator, ClayBro, explain why he expects Mind Of Pepe to be a leader amongst the growing AI agent sector.
Mind Of Pepe’s genius blend of memes and AI virality makes it a perfect play for 2025 as market sentiment shifts back toward utility-backed projects.
Over 480% staking APY is on offer for those who choose to stake their presale bag of MIND while waiting for the ICO to conclude.
Only 12 hours remain before the price per MIND increases, meaning there is little time to secure a bag at these super low prices.
Visit The Mind Of Pepe Website
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In This Article
- "I'm The Head Of The Family" Says Errol Musk As He Officially Endorses The MUSKIT Token
- Elon Not Involved With MUSKIT Per His Father: Will This Latest Celeb Meme Coin Be Yet Another Pump And Dump?
- BONUS: Mind Of Pepe (MIND) Blasts Past $4.5 Million In Presale Funding As The Market Bets On Memes With Real Utility
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