Errol Musk, Elon Musk’s dad is stepped into the memecoin sector with a new project called Musk It.
This isn’t just a casual side hustle, because he’s wanting to raise $200 million to fund a for-profit think tank named the Musk Institute.
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Like father like son?
The Musk It token was quietly launched back in December by a Middle Eastern crypto firm.
Unfortunately, it hasn’t exactly taken off, but it’s lost over 50% of its price since then and currently, in the time of writing is trading at just $0.06, with a market cap of around $60 million.
Errol has made it clear that his son Elon isn’t involved in this venture at all. But let’s be real, without Elon’s star power backing it, can Musk It really compete with the likes of the Official Trump memecoin and Melania token, which have been making such a big noise since their launch on the Solana network?
Strong competition
Anndy Lian, an author and blockchain expert, thinks Musk It might struggle to reach the heights of those Trump family tokens.
“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.”
But don’t count Errol out just yet, because investors are always on the lookout for memecoins that could give them massive returns, think of them as the lottery tickets of the crypto world, most of it lose, but few win big.
Lian pointed out that there’s a hunger for that next big hit in crypto, especially after market dips when people are eager to find their golden opportunity.
Is this the gold rush, or the wild west?
Despite their notorious volatility and lack of utility, some traders have managed to strike it rich with memecoins, just like there are lottery winners too.
Just last December, one lucky trader turned a mere $27 into an eye-popping $52 million by riding the wave of the Pepe memecoin rally, talk about luck, and patience for waiting two years.
Another trader flipped $2,000 into $3.2 million in just 10 hours with the Hyperfy metaverse token.
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