First, it was Trump. Then Melania. Now, Elon Musk’s dad?
Errol Musk, the father of tech billionaire Elon Musk, is backing “Musk It,” a memecoin that popped up last month, with plans to use it to raise up to $200 million for his for-profit think tank, the Musk Institute.
“I’m the head of the family. It really started with me in our family. I’ve been ‘Musking It’ for years,” the patriarch told Fortune.
Memecoins live and die on hype, and few names carry more weight than Musk. Even without Elon’s stamp of approval, investors are jumping in — because that’s how memecoins work. The Musk brand alone fuels speculation, and Errol’s move is proof that the “name game” still drives crypto’s wildest plays.
Just last week, Dogecoin pumped after the Department of Government Efficiency, an agency Elon’s heading, launched its website with the popular token’s logo.
$MUSKIT fundamentals?
Memecoins typically don’t have any as they’re highly speculative, with extreme price volatility. $MUSKIT could be no different. Its website doesn’t give any more information but leads to its CoinMarketCap page.
When the Fortune news broke, the token spiked by 1,500% to $0.33. The hype immediately died down, though, with the token dropping by 80%. It has a self-reported $40 million market cap.
It trades on platforms including MEXC, BingX and some other decentralized exchanges.
Should you invest?
If history tells us anything, memecoins tied to public figures are a wild ride. Remember $TRUMP and $MELANIA, which pumped before crashing hard in just a few days?
Right now, $MUSKIT runs on pure name hype — but that’s enough to send prices soaring, especially if it lands on bigger exchanges. Without real utility, though, the question is how long before the hype fades?
You know what to do.
Edited by Lin Noueihed. If you have any tips, ideas or feedback, please get in touch: talk-to-us@moniify.com
