Errol Musk’s Memecoin Madness: $200M or Just Another Crypto Circus?

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Errol Musk, the man who gave the world Elon Musk (and, let’s be honest, probably regrets not trademarking the name sooner), is now diving headfirst into the wild world of cryptocurrency. His latest brainchild? A memecoin called “Musk It,” which he hopes will raise a cool $150 million to $200 million. Why? To fund the Musk Institute, a for-profit think tank that promises to focus on engineering marvels like flying cars. Because, of course, the world needs more of those. 🚗✈️

According to Fortune, Errol Musk, father of Tesla CEO Elon Musk, hopes to raise $150 million to $200 million through a token project called “Musk LT.” He said he had no qualms about using his name to make money on the “memecoin,” which many potential buyers would associate with…

— Wu Blockchain (@WuBlockchain) January 31, 2025

While Elon has steered clear of slapping his name on a cryptocurrency (probably because he’s too busy colonizing Mars), Errol has no such qualms. “I’m the head of the family. It really started with me in our family — I’ve been ‘Musking It’ for years,” Errol told Fortune from his Cape Town home. Yes, folks, the man who gave us Elon is now giving us… memecoins. What a time to be alive. 🙌

The Musk It token was quietly launched in December by a Middle Eastern crypto firm, but it didn’t exactly set the world on fire. That is, until Errol and his tech consultant sidekick, Nathan Browne, decided to endorse it. Now, the token is soaring like a SpaceX rocket—or at least like a meme coin with no clear purpose. 🚀

Musk It Soars 1780% — Is Musk It the Next Pump and Dump?

Memecoins are the cryptocurrency equivalent of a rollercoaster: thrilling, unpredictable, and often leaving you nauseous. Musk It is no exception. After Errol’s announcement, the token surged an eye-watering 1780%. But let’s not get too excited—this is the same market where Dogecoin exists, so anything is possible. 🐕

Source: CoinMarketCap

According to CoinMarketCap, Musk It (MUSKIT) currently boasts a self-reported market cap of $26 million. But here’s the kicker: there’s no clear roadmap or tokenomics. Browne insists they’re not running a “pump and dump” scheme, but let’s be real—when has a memecoin ever been about long-term value? 🤔

Investors, beware. Memecoins are like fireworks: they’re fun to watch, but you probably shouldn’t hold onto them for too long. 💥

Elon Musk Calls His Father a “Terrible Human Being”

The Musk family drama is juicier than a Netflix series. Errol and Elon have a relationship best described as “complicated.” Walter Isaacson’s biography of Elon paints Errol as a “charismatic fantasist” and quotes Elon calling his dad a “terrible human being” with “a carefully thought-out plan of evil.” Ouch. 😬

Errol, naturally, denies all of this, calling the biography “absolute rubbish.” He even claims to have attended a SpaceX launch in 2023, where Elon allegedly credited him for teaching him engineering. Whether that’s true or just another Errol Musk tall tale remains to be seen. 🤷‍♂️

With the launch of Musk It, the family feud could reach new heights. Investors might assume Elon is involved, but he’s not. Errol insists he’s going solo, though he did mention that Elon inquired about the project earlier this month. Whether that’s a sign of interest or concern is anyone’s guess. 🤔

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2025-01-31 14:03