The post First Trump, Now Elon Musk’s Family? Errol Musk’s “Musk It” Memecoin Aims for $200M! appeared first on Coinpedia Fintech News
Under Trump’s leadership memecoins are seen as a serious investment option by traders and many big influencers. The latest entry into the scene is Errol Musk, father of Tesla CEO Elon Musk, who is diving into the crypto scene with its token, “Musk It”.
Following in the footsteps of Donald Trump and his family, who have capitalized on meme-driven cryptocurrencies, Errol hopes to raise between $150 million and $200 million through the project. Despite having no direct involvement in its creation, he has publicly endorsed the token, which was launched by a Middle Eastern crypto company in December.
Monetizing the Musk Name
Speaking to Fortune, Errol Musk made it clear that he has no issue using his surname to fuel the project. The token was initially launched in December by a Middle Eastern-based crypto company but gained little traction.
Looking at the cold market reaction, Errol and his business partner, Nathan Browne, later decided to publicly endorse it, emphasizing that their involvement isn’t a “pump and dump” scheme. While Errol claims to have recently spoken with Elon about the project, representatives for Elon and his brother Kimbal have remained silent, and neither is involved in the venture.
Another Meme on the Block- Will it Cause Disruption?
Errol Musk launching “Musk It” might make his already troubled relationship with Elon even worse. With so many tokens popping up under famous names, there’s growing concern that these could shake up the crypto market, especially for well-established projects.
Memecoins, which have no real use or regulations, are risky and often lead to losses. Recently, Trump-themed coins caused a massive pump-and-dump, leaving investors in doubt, especially after Trump denied any involvement.
Since there’s little information about “Musk It,” its financial structure and long-term goals are unclear. Many investors assume it’s linked to Elon Musk, but Errol denies using his son’s name for profit, saying success isn’t limited to Elon alone.
Now, a proposed class-action lawsuit claims that all tokens on Pump.fun are “unregistered security memecoins,” raking in nearly $500 million for the platform. This highlights the growing fear that such speculative tokens, often tied to famous names, could disrupt the market and create uncertainty for established projects like DOGE and PEPE.