Errol Musk's "Musk It" Meme Coin Stumbles Despite Celebrity Backing

Elon Musk's father, Errol Musk, has ventured into the cryptocurrency world with the launch of "Musk It" (MUSKIT), a meme coin built on the Solana blockchain. The project aims to raise up to $200 million to fund a for-profit think tank named the Musk Institute, as revealed in a recent interview with Fortune.

The launch of "Musk It" comes amidst a growing trend of celebrity-backed meme tokens, following the debut of Donald Trump's "Official Trump" (TRUMP) and "Official Melania" (MELANIA) tokens earlier this year. These tokens have sparked retail investor enthusiasm, fueling speculation that others, including Errol Musk, might follow suit with their own digital assets.

Despite the prominent Musk name, the "Musk It" token has struggled to gain momentum since its quiet launch on December 12, 2024. As of January 30, 2025, the token has lost more than 52% of its initial value, trading at just $0.02 with a market capitalization of $25 million, according to CoinMarketCap. Errol Musk clarified that his son, Elon Musk, has no involvement with the "Musk It" token project, which could be a factor hindering the token's success.

Errol Musk's latest venture with the meme coin MUSKIT aims to finance innovative engineering projects, amidst the crypto industry's fluctuations. The project was initially launched by a Middle Eastern-based crypto firm back in December 2024, but it gained significant traction only after Errol Musk and his associate Nathan Browne became publicly involved. The "Musk It" token debuted on the market and witnessed an impressive surge of 280%, trading at $0.04 shortly after Errol Musk's endorsement.

The market for meme coins has exploded recently, with numerous entrepreneurs and traders creating tokens to capitalize on their viral appeal. However, the market is rife with challenges, including a recent class action lawsuit claiming that Pump.fun is operating an illegal securities exchange, adding to the complexities faced by meme coin projects.

While Errol Musk is embarking on this entrepreneurial path, it's important to note that Elon Musk himself has not launched any cryptocurrency bearing his name, despite his extensive influence on Dogecoin.