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.
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.
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”.
US President Donald Trump’s latest executive order may bolster institutional cryptocurrency adoption, as his ban on central bank digital currencies (CBDCs) signals a “bet” on the existing crypto ecosystem, industry watchers told Cointelegraph.
Capitalizing on the recent success of the Trump family’s memecoins, Elon Musk’s father seeks to raise up to $200 million from a meme token already launched at the end of December.
Trump’s executive order a “game-changer” for institutional crypto adoption
Trump’s executive order banning the creation of central bank digital currencies (CBDCs) in the United States may mark a significant shift in institutional cryptocurrency adoption, according to industry executives.
The executive order, signed Jan. 23, prohibits the establishment, issuance, circulation or use of CBDCs, citing concerns over their potential to threaten financial system stability, individual privacy and national sovereignty.
The executive order’s CBDC ban is a “game-changer” for the crypto industry in the US, according to Anndy Lian, an author and intergovernmental blockchain adviser.
Likewise, Trump’s new crypto task force signals a clearer, “more structured” crypto regulatory landscape, Lian told Cointelegraph.
Elon Musk’s dad plans $200M raise with “Musk It” memecoin
Elon Musk’s father may be the next influential figure to raise funds through a memecoin amid growing interest in celebrity-backed meme tokens.
Joining the ranks, Elon Musk’s father, Errol Musk, is reportedly looking to launch his own memecoin token project called Musk It (MUSKIT).
Musk’s father hopes to raise as much as $200 million from the memecoin project, which he plans to use to support a for-profit think tank called the Musk Institute, he told Fortune.
Crypto mobile wallets hit 36M record high amid growing retail adoption
Mobile cryptocurrency users have reached a new all-time high, as Increasingly more passive cryptocurrency holders are turning into active users, showcasing growing mainstream adoption.
Mobile cryptocurrency wallets reached a new all-time high of over 36 million in the fourth quarter of 2024, according to Coinbase’s quarterly crypto market report published on Jan. 29.
“Mobile wallets can play a critical role in turning passive crypto owners into active crypto users,” wrote Daren Matsuoka, data scientist at a16z Crypto.
While crypto owners only hold digital assets passively, they are considered cryptocurrency users after actively interacting with decentralized finance (DeFi) or other blockchain-based applications.
Crypto hacks drop 44% YoY in January, CeFi top target with $69M loss
Cryptocurrency hackers continue stealing user funds, but cybertheft in January was less than in the year-earlier period, flashing a positive sign for the crypto industry.
Crypto hackers stole over $73 million of digital assets across 19 incidents in January, marking a 44% decrease from $133 million in January 2024.
Still, January’s $73 million was a ninefold month-over-month increase from December, when hackers only stole $3.8 million worth of cryptocurrency, according to a Jan. 30 Immunefi report shared with Cointelegraph.
The attack on Singapore-based crypto exchange Phemex was the biggest hit, accounting for over $69 million worth of stolen value, while the $2.5 million hack on Moby Trade options platform was second.
Ethereum price may stick below $3.5K until these 3 things happen
Ether price fell below $3,500 on Jan. 7 and has since struggled to trade above that level. The altcoin has declined by 8% over the past 30 days, while the broader cryptocurrency market capitalization increased by 6%. This underperformance is concerning for Ether investors, especially with the launch of the spot Ethereum exchange-traded fund (ETF) in July 2024.
Traders’ disappointment comes after a period of average Ethereum transaction fees exceeding $2, steady growth in the ETH supply, significant criticism regarding the lack of support from the Ethereum Foundation and memecoin trading shifting to competitor blockchains, particularly Solana.
Three factors could potentially push Ether above $3,500, although some depend on external elements such as regulatory changes.
These include Ethereum’s upcoming Pectra upgrade in the first quarter of 2025, proposed changes in United States ETF regulations and the continued growth of Ethereum layer-2 solutions.
DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red.
The Pudgy Penguins (PENGU) token was the week’s biggest loser in the top 100, falling over 44%, followed by Solana-based memecoin Fartcoin (FARTCOIN), down nearly 30% on the weekly chart.
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”.
Binance claims no special relationship with Hamas, argues to dismiss lawsuit
A federal judge has not yet issued a ruling on a motion to dismiss a lawsuit, filed by families of victims affected by the 2023 Hamas attack on Israel, against cryptocurrency exchange Binance and its former CEO, Changpeng CZ Zhao.
On Jan. 30 in the US District Court for the Southern District of New York, lawyers representing Binance presented oral arguments in connection with the companys motion to dismiss the families complaint filed in January 2024. According to reporting from Inner City Press, the exchanges legal team argued crypto was not inherently dangerous, pushing back against allegations that Binance facilitated transactions benefiting Hamas.
There was no special relationship between Hamas and Binance, said a lawyer for the exchange.
Kraken restores staking services in US after 2-year hiatus
Crypto exchange Kraken has resumed staking services for US clients for the first time in nearly two years. Customers ability to stake had been paused since 2023, when the exchange reached a multimillion-dollar settlement with the US Securities and Exchange Commission over the services.
Customers in 37 US states will now be able to access staking services for 17 digital assets, including Ether, SOL, and Cardano’s ADA.
Kraken was among the first crypto exchanges to provide staking services to customers, which it began offering in 2019. The exchange agreed to stop providing the services in February 2023 as part of a $30 million settlement with the SEC.
SBFs parents seek pardon from President Trump: Report
The parents of former FTX CEO Sam SBF Bankman-Fried are reportedly exploring the possibility of a presidential pardon for their son, who was sentenced to 25 years in prison last March.
According to a Jan. 30 Bloomberg report citing anonymous sources, Bankman-Frieds parents have already met with lawyers and other figures close to the Trump administration to determine whether clemency was possible.
Once considered to be the golden child of crypto, Bankman-Frieds house of cards fell apart in late 2022 when FTX couldnt fulfill customer withdrawals. The exchange collapsed in a matter of days, revealing a business built on fraud, embezzlement and misuse of customer funds.
Elon Musks dad plans $200M raise with Musk It memecoin
Elon Musks father may be the next influential figure to raise funds through a memecoin amid growing interest in celebrity-backed meme tokens.
Retail investor interest returned to memecoins after President Donald Trump launched the Official Trump memecoin on Jan. 18 and the Official Melania Meme token on Jan. 19 on the Solana network
Joining the ranks, Elon Musks father, Errol Musk, is reportedly looking to launch his own memecoin token project called Musk It.
Musks father hopes to raise as much as $200 million from the memecoin project, which he plans to use to support a for-profit think tank called the Musk Institute, he told Fortune.
MicroStrategy announces pricing of strike preferred stock offering
MicroStrategy announced the pricing of its perpetual strike preferred stock offering at a public listing price of $80 per share and will issue the corporate securities on Feb. 5.
The company forecasts $563.4 million in revenue from the tranche of perpetual strike preferred stock, which features an 8% coupon and a liquidation value of $100.
According to the announcement, the proceeds from the sale will go toward acquiring more Bitcoin and covering operating expenses.
MicroStrategy continues to lean into its 21/21 plan of issuing $21 billion in equity and $21 billion in fixed-income securities to finance Bitcoin acquisitions, and it has become the most prominent BTC-holding firm.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $102,408, Ether (ETH) at $3,311 and XRP at $3.05. The total market cap is at $3.52 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Onyxcoin (XCN) at 63.67%, MANTRA (OM) at 49.60% and Jupiter (JUP) at 24.35%.
The top three altcoin losers of the week are Pudgy Penguins (PENGU) at 36.44%, Fartcoin (FARTCOIN) at 27.96% and Official Melania Meme (MELANIA) at 21.31%. For more info on crypto prices, make sure to read Cointelegraphs market analysis.
Most Memorable Quotations
Bit of a nothing burger FOMC press conference. Not dovish, not hawkish. Walking a very diplomatic line, and I think the market was expecting Powell to be more vocal about Fed independence.
Huf Haus, founder of Pear Protocol and former TradFi trader
I think were moving past what truly felt like an unlawful war on crypto.
Brad Garlinghouse, CEO of Ripple Labs
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.
Anndy Lian, author and intergovernmental blockchain expert
This could mean that Bitcoin still has room for further upside, but traders should closely monitor the ratio of young coins to long-term holdings for potential warning signs of a top.
CryptoQuant
This is a perfect example of the contrasting behaviors between whales and retail traders and it is often considered a better choice to follow whales rather than retail investors.”
Darkfost, pseudonymous CryptoQuant contributor
Bitcoin’s price is less a standalone reflection of its market fundamentals and more tied to broader macroeconomic shifts, particularly in risk sentiment.
Bitfinex analysts
Prediction of The Week
XRPs 50% rally outperforms crypto market in January Is $4 the next stop?
The XRP token staged an impressive 50% rally throughout January, outperforming the wider cryptocurrency market. Technical chart patterns are now targeting a longer-term breakout above $4 in the future.
XRP rose over 50% during the past month, outperforming Bitcoins 13% rally and Ethers near 4% decline, Cointelegraph Markets Pro data shows.
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XRP token decoupled from the rest of the market due to positive regulatory developments for Ripple Labs, which received approval for its RLUSD stablecoin from the New York Department of Financial Services on Dec. 10.
Another reason behind XRPs price surge is its increased adoption by financial institutions, according to Santiment. The crypto intelligence firm wrote in a Jan. 29 post:
XRP has recently been recognized by more major financial institutions and its integration into various payment systems has bolstered investor confidence.
XRPs price may be setting up for a breakout above $4 before the end of February, according to emerging technical patterns shared by popular crypto analyst Dark Defender.
XRP is pending confirmation on 4-hour and 1-day time frames for the breakout. The short-term target is $4 with Sub-Wave 5, and the Support is $3.07,” Dark Defender said.
FUD of The Week
Tether disappointed with rushed actions on MiCA-driven USDT delisting in Europe
Stablecoin operator Tether addressed European cryptocurrency regulations amid exchanges like Crypto.com preparing to delist its USDt stablecoin in Europe tomorrow.
Tether expressed disappointment over market developments in Europe amid changes triggered by the enforcement of the European Unions Markets in Crypto-Assets (MiCA) framework.
Crypto.com, a global crypto exchange, confirmed on Jan. 29 that it will start delisting Tethers USDt stablecoin and nine other tokens on Jan. 31 to comply with MiCA regulations.
It is disappointing to see the rushed actions brought on by statements which do little to clarify the basis for such moves, a spokesperson for Tether told Cointelegraph.
China convicts BKEX staff for illegal gambling via crypto contracts
A Chinese court ruled that cryptocurrency exchange BKEX engaged in illegal gambling through its contract trading platform and sentenced several employees and agents to prison for their roles in the operation.
The Peoples Court of Pingjiang County, Hunan Province, determined on Jan. 29 that BKEXs contract transactions functioned as a form of online gambling, and those involved were accomplices in the crime of opening a casino.
According to the ruling, BKEX allowed users to place bets using USDt, a stablecoin pegged to the US dollar, and apply high leverage up to 1,000x in some cases to wager on the price movements of Bitcoin, Ether and other cryptocurrencies.
Gemini wont hire MIT grads unless university drops ex-SEC chair Gensler
Crypto exchange Gemini wont be hiring any graduates from the Massachusetts Institute of Technology unless the university drops former US Securities and Exchange Commission Chair Gary Gensler from his teaching role.
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As long as MIT has any association with Gary Gensler, Gemini will not hire any graduates from this school, Gemini co-founder and CEO Tyler Winklevoss said in a Jan. 30 post on X. He added the crypto exchange also wouldnt hire interns for its summer internship program.
Gemini has sparred with the SEC since January 2023 after the agency sued the firm alongside Genesis, accusing them of selling unregistered securities through the Gemini Earn program. Genesis paid $21 million in fines in March 2024 to settle the claims.
Top Magazine Stories of The Week
Korean exchange users surge 450%, Metaplanet buying 21K Bitcoin: Asia Express
Metaplanet aims to buy 21,000 Bitcoin by 2026, DeepSeek spooks Bitcoin, Korean users surge after Trump victory.
9 curious things about DeepSeek R1: AI Eye
The real story behind DeepSeek … or at least a bunch of interesting stuff we found out about it online.
Pectra hard fork explained Will it get Ethereum back on track?
Confused by all the technical jargon used by devs to explain Ethereums Pectra hard fork? Weve translated the upgrades into English for ordinary people.
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”.
