While the Memecoin craze continued, after Donald Trump and his family, Errol Musk, the father of Tesla CEO Elon Musk, entered the market with a token bearing “Musk It”. The project aims to collect funds between $ 150 and 200 million from investors.
Does the name Musk earn in the crypto market?
Errol Musk, in an interview with Fortune, said that he was uncomfortable to use his surname in this project. Token was first released by a Middle East -based crypto company in December 2024, but did not see the expected interest at the beginning.
Following the cold reaction of the market, Errol Musk and business partner Nathan Browne decided to give open support to the project. Errol Musk argues that Token is not a manipulative “pump and dump” that is not a fraud plan. However, Elon Musk and his brother Kimbal Musk did not comment on the project and have no direct connections.
Can a new memecoin create a fluctuation in the market?
Errol Musk’s “Musk It” project can make his relationship with the already complex Elon Musk. The rapid spread of the Memecoins, which has recently been released on behalf of many famous names, causes uncertainty in the crypto market.
Memecoins usually have a high risk of lack of use and lack of regulation. There were major fluctuations in Trump -themed token, and Trump’s rejection of the project had doubted many investors. The same scenario applies to the tokens that will be released by the Musk family.
Memecoins on pump.fun face legal problems
The financial structure and long -term targets of the “Musk It” token remain uncertain. Although some investors associate the project with Elon Musk, Errol Musk argues that success is not only dependent on his son.
Meanwhile, Pump.funA collective lawsuit was filed on the grounds that the Memecoins created on the platform could be considered as “indifferent securities”. It is stated that the platform earns close to $ 500 million from these tokens. This shows that speculative projects created on famous names may pose great risks in the market.
