Errol Musk is the father of the famous businessman Elon Musk.
Erol is seeking to raise between $150 million and $200 million through the Musk It coin to fund the Musk Institute, a research institution that aims to develop engineering projects beyond rocket technology, according to Fortune magazine.
The Musk It coin was launched in December in collaboration with a Middle East-based crypto company, where Erol is working with his business partner Nathan Brown to develop the project.
Erol explained that the initiative reflects his long career in the field.
Elon Musk was not involved in the project or supported it, but he inquired about it after the news broke.
His father assured him that he is moving forward with his plans independently.
Following the Fortune report, MUSKIT saw its market value soar to $23 million, with a 1,500% jump on Thursday evening, rising from $0.014 to $0.2 before falling back to $0.03.
It’s worth noting that meme coins are known for their high volatility, and are often associated with internet personalities or digital jokes, making them a risky investment.
The lack of information about the MUSKIT project has raised questions about the currency’s economics and uses, as the alleged official website does not provide any clear details about its structure or goals.
Despite the ambiguity surrounding the project, Brown stressed that their goal is not just to pump and dump, stressing their commitment to developing the institute.
For his part, Errol Musk dismissed concerns that using the last name for a crypto project might make investors associate it with his famous son, asking:
Does that mean that anyone who follows Elon is not allowed to succeed?
As for "Brown", he confirmed that the project does not depend on "Elon Musk" in any way, saying:
If anyone expects his support or endorsement, he is missing the essence of the idea.
