A new celebrity memecoin is on the way following the launches of $TRUMP and $MELANIA. This time, Errol Musk, father of Tesla CEO Elon Musk, is considering official endorsing of his own memecoin, ‘$Musk It’.
Errol Musk’s Memecoin, ‘$Musk It’
Unlike Elon Musk, who has largely refrained from explicitly endorsing memecoin trends, Errol Musk is reportedly aiming to capitalize on a crypto project. Given Elon Musk’s strong association with the crypto community, many enthusiasts are expected to link Musk It to him, despite his lack of direct involvement.
Errol Musk and his business partner, Nathan Browne, revealed that they hope to raise between $150 million and $200 million from the ‘$Musk It’ token project. Errol Musk stated that the funds will be used to establish the Musk Institute, a for-profit think tank he is founding.
“I’m the head of the family,” Errol Musk said, justifying his decision to monetize his name with a memecoin. “It really started with me in our family, I’ve been ‘Musking It’ for years,” he added.
Musk further explained that he partnered with Browne on the token after coming up with the idea for the Musk Institute late last year. He is now publicly endorsing ‘Musk It’, which was launched in December.
It is worth noting that Elon Musk has previously described his relationship with his father as “estranged”. Errol Musk’s decision to launch a crypto token using the Musk name could further strain their already distant relationship.
‘$Musk It’ Performance
$Musk It is currently trading at $0.02621, following a 140% surge in the past day. Its 24-hour trading volume has skyrocketed by 7,000%, reaching $79.31 million. This surge has pushed the project’s market cap to $26.93 million.
Elon Musk’s ‘Shadow President’ Stint
Meanwhile, Elon Musk has reportedly been closely involved with Donald Trump’s administration team as the head of Department of Government Efficiency (DOGE), which in turn has terminated 85 DEI-related contracts, saving roughly $1 billion. However, a recent Quinnipiac University public opinion survey found that 53% of Americans oppose the idea of Musk playing a significant role in Trump’s administration as a ‘Shadow President’.
Also Read: $TRUMP Memecoin Generates at Least $11.4 Million in Fees
Source: https://www.cryptonewsz.com/elon-musks-father-errol-150-200-m-musk-it/