- Errol Musk aims to raise up to $200 million with the Solana-based memecoin “Musk It.”
- The token surged over 400% after Errol publicly endorsed it, though Elon Musk isn’t involved.
- Proceeds will fund the Musk Institute, a think tank focused on projects like flying vehicles.
Happy Friday! The first month of 2025 is wrapping up, and wow—what a wild week it’s been in the crypto space. So, grab your coffee (or something stronger) and catch up on the latest chaos.
Here’s the rundown: Elon Musk’s dad is chasing $200 million with a memecoin, a UK crypto gang’s behind bars for 76 years combined, Purpose Investments is filing for an XRP ETF, and MicroStrategy just raised half a billion dollars to buy more Bitcoin. Let’s dive in.
Elon Musk’s Dad Eyes $200 Million with ‘Musk It’ Memecoin
Errol Musk—yes, Elon’s father—is stepping into the memecoin craze following President Donald and Melania Trump’s recent token launches. Along with tech consultant Nathan Browne, Errol is aiming to raise between $150 million and $200 million from Musk It, a Solana-based memecoin that launched quietly last month. The project, backed by a Middle Eastern crypto company, didn’t get much attention until now.
Since Errol publicly endorsed the coin on Thursday, its value has skyrocketed over 400% within 24 hours. Still, Errol was quick to clarify that while he’s discussed the project with Elon, his son isn’t involved. Despite this, the project’s website leans heavily on Elon’s imagery—SpaceX rockets, a Cybertruck, and promises of a Mars base “coming soon.”
The Musk Institute and Memecoin Mystery
Errol Musk says the funds will help establish the Musk Institute, a for-profit think tank focused on his sci-fi dreams—flying vehicles included. However, neither he nor Browne created the coin. They only agreed to collaborate after the institute idea took shape late last year. Details on the token’s structure are sparse. The only known facts? A 1 billion token supply and a circulating cap. Even Errol seemed unsure about the finer points.
Meanwhile, Browne stressed one thing: “This cannot be a pump and dump.” Skeptics may beg to differ.
With this whirlwind memecoin drama unfolding, one thing is clear—crypto never sleeps.
