Errol Musk, father of billionaire entrepreneur Elon Musk, has announced plans to raise between $150 million and $200 million through a new meme coin project called "Musk It."
Errol Musk, father of billionaire entrepreneur Elon Musk, has announced plans to raise between $150 million and $200 million through a new meme coin project called "Musk It."
Launched in December by a Middle Eastern-based crypto company, the token has recently gained traction, reportedly increasing over 200% in value within 24 hours following Errol Musk's endorsement.
In an interview with Fortune, Errol Musk expressed his intent to use the proceeds to establish the Musk Institute, a for-profit think tank focused on his scientific interests, which include the development of flying vehicles.
He stated, “I’m the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years.”
Despite his public endorsement, Errol Musk clarified that he and his business partner, tech consultant Nathan Browne, did not create the MUSKIT token. Instead, they approved the name and agreed to collaborate after conceptualizing the Musk Institute. The token, which is based on the Solana blockchain, has a total supply of 1 billion, although details regarding its tokenomics remain limited.
The MUSKIT token initially struggled after its December launch but surged from $0.01 to $0.07 following Errol Musk's announcement, currently trading around $0.035 with a market cap of approximately $35 million.
Browne emphasized that a key condition for their involvement was that the project “cannot be a pump and dump.”
Elon Musk reportedly discussed the project with his father but had no direct involvement. The project's website features imagery related to Elon Musk’s ventures, including SpaceX and Tesla, suggesting a connection to his popular enterprises.
This development follows a trend of high-profile figures entering the meme coin market, including recent endorsements from President Donald Trump and First Lady Melania Trump. Elon Musk, known for his support of Dogecoin, has not launched an official crypto but remains a notable figure in the crypto community.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
