Elon Musk’s father targets $200M with new memecoin

Elon Musk’s father targets $200M with new memecoin

Errol Musk, the father of entrepreneur Elon Musk, revealed his intentions to enter the memecoin market, hoping to raise $200 million to support the Musk Institute, a for-profit think tank. His memecoin, dubbed Musk It (MUSKIT), quietly debuted on December 12, 2024, through a Middle Eastern cryptocurrency company but has since struggled to gain momentum.

The launch of MUSKIT comes on the heels of a resurgence in retail investor interest in celebrity-associated memecoins. This trend was recently highlighted by the introduction of the Official Trump (TRUMP) memecoin on January 18 and the Official Melania (MELANIA) token on January 19, both on the Solana network. These tokens have sparked renewed enthusiasm for memecoins among retail investors.

However, the Musk It token has not experienced similar success, with its value plummeting by over 52% since its launch. As of this morning, the token’s price stood at $0.02, with a market capitalization of $25 million, according to data from CoinMarketCap.

Errol Musk has made it clear that his son, Elon Musk, is not involved with the Musk It memecoin project. Despite the family name’s influence, the absence of Elon Musk’s direct support could limit the token’s potential for success. Anndy Lian, an author and intergovernmental blockchain expert, expressed skepticism regarding the memecoin’s prospects, suggesting that Elon Musk’s personal endorsement is a key driver for excitement in such projects.

The broader memecoin market remains a speculative space, with investors often attracted to the possibility of high returns. Memecoins are sometimes described as “lottery tickets of the digital world,” offering the chance of significant gains but also carrying the risk of substantial losses due to their inherent lack of utility.

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While the Musk It token faces challenges, the memecoin market has seen instances of remarkable trading success. For example, one trader turned a $27 investment into $52 million during the Pepe memecoin rally, holding the investment for over 600 days. In another instance, a trader achieved a staggering 1,500-fold return on investment in just 10 hours with the Hyperfy (HYPER) metaverse token, turning $2,000 into $3.2 million on January 6.

 

Source: https://www.investing.com/news/cryptocurrency-news/elon-musks-father-targets-200m-with-new-memecoin-93CH-3841862

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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