Errol Musk, father of billionaire entrepreneur Elon Musk, introduced plans to launch a meme coin named “Musk It,” aiming to boost between $150 million and $200 million.
Meme cash, which frequently lack intrinsic worth and are pushed by on-line hype, have seen a surge in reputation. “Musk It” comes amid a flurry of controversial meme cash over the previous a number of weeks, elevating considerations throughout the crypto trade and past.
Errol Musk’s Meme Coin with Huge Targets
Whereas Elon Musk has regularly influenced crypto markets, significantly Dogecoin (DOGE), he has by no means formally launched a token of his personal. Nonetheless, in keeping with Fortune, his father, Errol Musk, believes his meme coin might be a game-changer.
Errol Musk and his enterprise associate, Nathan Browne, intend to make use of the funds from the Musk It mission to assist the newly established Musk Institute, a for-profit assume tank centered on scientific innovation. Whereas Errol Musk claims his initiative is unbiased of his son, many traders will doubtless affiliate the token with the CEO of Tesla and SpaceX.
“If the Musk family is involved, you know it’s going to be a RIDE,” one consumer on X quipped.
A Center Japanese-based crypto firm initially launched the token in December. Nonetheless, it failed to realize traction till Errol Musk publicly endorsed it, insisting it isn’t a “pump-and-dump” scheme. Nonetheless, the dearth of transparency has raised considerations, with little details about the Musk It meme coin’s construction.
That is not like most cryptocurrency tasks, which launch detailed tokenomics explaining funding allocation and distribution. However, information on CoinGecko exhibits Musk It meme coin’s market capitalization approaching $27 million as of this writing.
Errol Musk’s relationship along with his son has been broadly reported as strained. Walter Isaacson’s biography of Elon Musk, launched in 2023, describes Errol as a “charismatic fantasist” who deeply affected Elon’s childhood.
The guide additionally claims that their relationship deteriorated after Errol fathered a toddler along with his stepdaughter, main Elon’s brother, Kimbal, to sever ties. Whereas Errol Musk refutes these claims, his resolution to launch a token bearing the household identify might deepen the divide.
The Rise of Controversial Meme Cash
In the meantime, Musk’s launch follows a current wave of politically and celebrity-driven meme cash, together with TRUMP and MELANIA. The rise of such tokens has drawn political scrutiny, with Democrats calling for an ethics probe into Donald Trump’s involvement in crypto.
In the identical tone, Massachusetts Senator Elizabeth Warren has advocated for elevated regulatory oversight on politically affiliated tokens. Elon Musk’s function main D.O.G.E, the Trump administration’s Division Of Authorities Effectivity, might draw Musk It to the purview.
These considerations come after TRUMP token traders have fallen sufferer to rug pulls. BeInCrypto reported that scammers created hype earlier than draining liquidity and abandoning the mission. Ivanka Trump not too long ago warned towards a fraudulent meme coin utilizing her identify for a similar causes.
“It has come to my attention that a fake crypto coin called “Ivanka Trump” or “$IVANKA” is being promoted with out my consent or approval. To be clear: I’ve no involvement with this coin,” the submit learn.
A current report from blockchain analytics agency Chainalysis reported that simply 40 wallets maintain 94% of TRUMP and MELANIA tokens, elevating considerations over market manipulation. In the meantime, Cathie Wooden of ARK Make investments dismissed the hype surrounding not too long ago launched Trump-branded meme cash.
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