Making money from his son's fame! Musk's father launched the meme coin Musk It. Can it reproduce the myth of Trump coin's surge?

BlockTempo reports that former U.S. President Donald Trump and his wife Melania Trump issued their official memecoins $TRUMP and $MELANIA last month, which immediately sparked a craze. Now, Tesla CEO Elon Musk's father Errol Musk has also joined the celebrity coin trend, launching his own meme coin project Musk It ($MUSKIT). Errol Musk told Fortune magazine that he hopes to raise $150-200 million through the meme coin, and plans to use the proceeds to fund his new for-profit think tank, the Musk Institute. Many potential buyers will likely associate the meme coin with his son, but he says he has no qualms about making money using his own name on a meme coin. Errol Musk emphasized that his son Elon Musk is not involved in the meme coin project. $MUSKIT was quietly launched on Pump.fun in December 2024 by a Middle Eastern cryptocurrency company, but has not gained significant attention. CoinGecko data shows that $MUSKIT's price has been declining since its launch, but after Errol Musk's public endorsement on Thursday, the price spiked from $0.01 to $0.07, before falling back to $0.02833 at the time of writing, a 62.3% drop from the day's high of $0.07278. The meme coin has a market cap of $28 million. Blockchain expert and government cooperation advisor Anndy Lian says that while the "Musk" name carries significant influence, without Elon Musk's direct endorsement, the project's growth potential may be limited.