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 recognition. “Musk It” comes amid a flurry of controversial meme cash over the previous a number of weeks, elevating issues inside the crypto trade and past.
Errol Musk’s Meme Coin with Large Targets
Whereas Elon Musk has continuously influenced crypto markets, significantly Dogecoin (DOGE), he has by no means formally launched a token of his personal. Nonetheless, in response to Fortune, his father, Errol Musk, believes his meme coin could possibly be a game-changer.
Errol Musk and his enterprise associate, Nathan Browne, intend to make use of the funds from the Musk It undertaking 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 buyers will doubtless affiliate the token with the CEO of Tesla and SpaceX.
“If the Musk household is concerned, you understand 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 achieve traction till Errol Musk publicly endorsed it, insisting it isn’t a “pump-and-dump” scheme. However, the shortage of transparency has raised issues, with little details about the Musk It meme coin’s construction.
That is not like most cryptocurrency initiatives, which launch detailed tokenomics explaining funding allocation and distribution. However, knowledge on CoinGecko exhibits Musk It meme coin’s market capitalization approaching $27 million as of this writing.
Errol Musk’s relationship together with his son has been extensively reported as strained. Walter Isaacson’s biography of Elon Musk, launched in 2023, describes Errol as a “charismatic fantasist” who deeply affected Elon’s childhood.
The guide additionally claims that their relationship deteriorated after Errol fathered a toddler together with his stepdaughter, main Elon’s brother, Kimbal, to sever ties. Whereas Errol Musk refutes these claims, his choice to launch a token bearing the household identify may deepen the divide.
The Rise of Controversial Meme Cash
In the meantime, Musk’s launch follows a latest wave of politically and celebrity-driven meme cash, together with TRUMP and MELANIA. The rise of such tokens has drawn political scrutiny, with Democrats calling for an ethics probe into Donald Trump’s involvement in crypto.
In the identical tone, Massachusetts Senator Elizabeth Warren has advocated for elevated regulatory oversight on politically affiliated tokens. Elon Musk’s function main D.O.G.E, the Trump administration’s Division Of Authorities Effectivity, may draw Musk It to the purview.
These issues come after TRUMP token buyers have fallen sufferer to rug pulls. BeInCrypto reported that scammers created hype earlier than draining liquidity and abandoning the undertaking. Ivanka Trump just lately warned in opposition to a fraudulent meme coin utilizing her identify for a similar causes.
“It has come to my consideration {that a} pretend crypto coin known as “Ivanka Trump” or “$IVANKA” is being promoted with out my consent or approval. To be clear: I’ve no involvement with this coin,” the publish learn.
A latest report from blockchain analytics agency Chainalysis reported that simply 40 wallets maintain 94% of TRUMP and MELANIA tokens, elevating issues over market manipulation. In the meantime, Cathie Wooden of ARK Make investments dismissed the hype surrounding just lately launched Trump-branded meme cash.
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