Yigit Taha OZTURK 
Elon Musk’s father, Errol Musk, is taking advantage of the growing interest in celebrity-backed memecoins by launching his own crypto project.
Following the major launches of Official Trump (TRUMP) by Donald Trump on January 18 and Official Melania (MELANIA) by Melania Trump on January 19 on the Solana (SOL) network, Errol Musk announced his own memecoin project, Musk It (MUSKIT). Musk aims to raise $200 million from this project, which will fund his for-profit think tank, the Musk Institute.
Musk It Token’s Performance
The Musk It (MUSKIT) token was quietly launched on December 12, 2024, by a Middle Eastern cryptocurrency company. However, it failed to attract significant attention and has lost over 52% of its value, now trading at $0.02. According to current data, the token’s market capitalization stands at $25 million.
Errol Musk clarified that his son, Elon Musk, has no involvement in the Musk It project.
Can Musk It Succeed Without Elon Musk’s Endorsement?
Despite the influence of the Musk surname, experts believe that Musk It (MUSKIT) may struggle to succeed without Elon Musk’s direct involvement.
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Blockchain expert Anndy Lian commented to Cointelegraph that he believes Musk It may not reach the same heights as the Trump family’s memecoins, as those gained traction due to their direct association with the Trump brand:
“Without Elon Musk’s personal endorsement, this project may not attract enough attention.”
Nevertheless, investors are expected to continue showing interest in memecoin projects with high return potential, viewing them as the “lottery tickets” of the crypto world.
For instance, on December 14, an investor turned $27 into $52 million by capitalizing on the PEPE token rally. Similarly, on January 6, another trader transformed a $2,000 investment into $3.2 million in just 10 hours on the Hyperfy (HYPER) metaverse token, achieving over 1,500x returns.
Why Are Memecoins So Popular?
Following dips in the crypto markets, investors often seek out new opportunities for quick gains, which leads them to memecoins. However, these tokens often experience significant volatility due to their lack of utility.
Despite this, some traders are able to capitalize on the volatility of memecoins and achieve substantial profits.
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