Since the end of last year, a mysterious cryptocurrency named “Musk It” has appeared on the market. Passing under radars, it was not a few days ago that the one who decided to create it manifested itself in order to present it: it is neither more, nor less than the father of Elon Musk, Errol Musk.
A same to finance a reflection group with blurred ambitions
At this weekend, Errol Musk, Elon Musk's fatheraccompanied by his partner Nathan Browne, announced that he wanted to harvest Between 150 and 200 million dollars In order to finance a think tank which he called Musk Institute.
Although the objectives of this reflection group have not been clearly defined by project leaders, they have a very precise idea of the way they wish to recover the funds to found it.
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Indeed, Errol Musk and Nathan Browne launched their own cryptocurrency called Musk it (Muskit) in order to finance the project. As they specified, they did not conceive the token. They left it to a crypto company based in the Middle East and whose name has not been revealed, to do so in their place.
Thus, since December 12, 2024, it is possible for any investor to acquire muskit. Negotiated at $ 0.06 when it was launched, the token price has fell significantly over time reaching barely $ 0.01 January 30.
However, by publicly exposing his project, the Token Prize suddenly started to climb, Reaching its original price, before falling again this February 1st. At a time when we write these lines, the Muskit is negotiated at 0.02756 dollarsbringing the capitalization of cryptocurrency to $ 27.5 millionfar from the hoped -for $ 150 million.
Why does Elon Musk's father not take off?
Despite the fact that the token is associated with the name Musk, that of the richest businessman on the planet, Crying cryptocurrency has trouble climbing. Several reasons may explain this. As the same, the muskit depends a lot on the same, the personality or the event with which it is associated.
Not entering good relations with his son, Errol Musk said that Elon Musk would not support his project. According to him, the CEO of Space X and Tesla still inquired about the project on its side. This lack of support from Elon Musk could in particular explain why the same does not obtain the expected success.
In a similar register, the sons of Donald Trump embarked on the decentralized finance project (DEFI) World Liberty Financial And their father had not failed to support them.
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Support that served them since his recent inauguration as President of the United States has strengthened the interest of investors around the native token of the projectthe WLFI. This allowed them to raise 300 million dollars that they considered it necessary to develop their DEFI platform.
Also, The lack of clear indications around the use of the funds raised does not help to gain the confidence of investors. The project website does not provide any information, simply redirecting Internet users to the Muskit tokenomics.
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Source: Coingecko, fortune
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Investments in cryptocurrencies are risky. There is no guaranteed high yield, a product with high performance potential implies a high risk. This risk taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital
Surprised by the rise of cryptocurrencies at the end of the 2010s, I started to follow from near this sector which fascinates me at the highest point. When I am not in football, rugby or handball room stadiums, I brought myself to write relevant articles around cryptocurrencies and more broadly, of the web3.
Zacharie Tazrout
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