The last name Musk joins the cryptocurrency fever with the launch of Musk It (Muskit), a new memecoin in the Solana network promoted by Errol Musk, father of businessman Elon Musk.
The initiative seeks to raise between 150 and 200 million dollars to finance the creation of the Musk Institutea center dedicated to innovative engineering projects.
Errol Musk and his partner Nathan Browne They announced the cryptocurrency (A token from the Solana Red) in an interview with Fortune magazine, highlighting that they see it as a legitimate way to capitalize on the recognition of the last name.
«I am the head of the family. It all started with me in our family. I’ve been doing ‘Musking It’ for years, ”said Musk Father.
The memecoin muskit It was not created directly by Errol Musk and Brownebut was launched in December 2024 by a cryptocurrency company based in the Middle East.
However, after knowing their existence, both decided to partner with the project and publicly support it as a way to finance the Musk Institute.
The objective of the Musk Institute
The Musk Institute will be a group of profitable experts focused on the development of engineering projects.
Although Errol Musk and Browne They have not provided details about their structure or a specific schedule for its launchthey claim that Memecoin’s collection will serve to boost its activities.
According to Musk Padre, the idea of the institute emerged during a series of meetings in the United Arab Emirates with entrepreneurs and members of the nobility of several Emirates.
Market evolution and speculation
The price of Muskit experienced a 219% increase in the last 24 hoursreaching a peak of $ 0.2 after Fortune’s publication.
However, he subsequently fell up to $ 0.03. Currently, the token has a market capitalization of 37 million and a volume of operations of 82 million, according to Coinmarketcap data.
The Token was broadcast on Pump.fun, a platform from the Solana Network that allows users to launch memecoins without prior programming knowledge, according to SOLSCAN DATAa block explorer.
This ease He has led to a boom in the creation of cryptocurrencies of this type, some of which have been linked to public figures.
The trend of family memecoins
Musk It is not the first cryptocurrency of this type. Recently, celebrity memecoins have gained popularity, With tokens linked to the Trump family also issued in the Solana Redas reported by cryptootics.
Both the president of the United States, Donald Trump, and his wife Melania Trump have their own tokens, Trump and Melania, respectively. These digital assets have experienced price peaks followed by corrections and market stabilizations.
As interest in memecoins associated with public figures grows, some institutional actors have also begun to pay attention. The Tuttle Capital company, for example, has submitted applications before the US stock and securities commission to launch funds quoted in the Bag (ETF) of cryptocurrencies based on these assets.
The support of Errol Musk a Musk it reinforces the tendency to link cryptocurrencies with recognized names. However, the evolution of Token will depend on the market response and the viability of the Musk Institute. Meanwhile, Memecoins’ ecosystem continues to expand, driven by speculation and the interest of investors looking for new opportunities in the world of digital assets.
