Musk’s Father Joins Memecoin Craze Amid Rising Interest in Celebrity Tokens
Errol Musk, father of billionaire entrepreneur Elon Musk, is reportedly planning to raise $200 million through a memecoin project called Musk It (MUSKIT). The move comes amid renewed interest in celebrity-backed digital assets, following the launch of the Official Trump (TRUMP) and Official Melania (MELANIA) tokens in January 2025.
Musk It Token’s Troubled Start
Despite the ambitious fundraising goal, the Musk It token has struggled since its initial launch on 12 December 2024. Developed by a Middle Eastern cryptocurrency firm, the token has lost over 52% of its value, currently trading at $0.02 with a market capitalisation of $25 million, according to CoinMarketCap data as of 7:58 am UTC.
Errol Musk has stated that the funds raised from Musk It will support a for-profit think tank called the Musk Institute. However, he has also clarified that his son, Elon Musk, is not involved in the project.
Challenges Without Elon Musk’s Endorsement
Experts believe that the Musk It token may struggle to replicate the success of Trump family memecoins. Blockchain expert and author Anndy Lian has expressed scepticism about the token’s potential, stating that Elon Musk’s personal endorsement is crucial to its success.
MUSKIT/USD, all-time chart. Source: CoinMarketCap
“I’m not so sure ‘Musk It’ will hit the heights some Trump family memecoins have reached. It feels like Elon’s personal stamp is what really gets people excited about these projects,” Lian commented.
Memecoin Mania Continues
Despite concerns over volatility, retail investors remain eager to capitalise on memecoin opportunities. Lian described memecoins as the “lottery tickets of the digital world,” highlighting the speculative nature of these assets.
Interest in memecoins tends to surge following downturns in the crypto market, as investors search for the next high-yield opportunity. This trend has resulted in staggering profits for some traders, despite the inherent risks.
Savvy Hyper trader, selling patterns. Source: Lookonchain
On 14 December 2024, a crypto trader turned a $27 investment into $52 million by capitalising on the Pepe (PEPE) memecoin rally. Similarly, on 6 January 2025, another investor made an astonishing 1,500-fold return, transforming $2,000 into $3.2 million in just ten hours by trading the Hyperfy (HYPER) metaverse token.
Uncertain Future for Musk It
With significant market fluctuations and unpredictable investor behaviour, the future of Musk It remains uncertain. While the Musk name carries considerable influence, the token’s success will likely depend on its ability to gain mainstream traction—something that may prove difficult without Elon Musk’s direct involvement.
As the memecoin frenzy continues, investors remain on the lookout for the next big opportunity, hoping to strike gold in the ever-volatile world of cryptocurrency.
