Errol Musk's 'Musk It' Memecoin Surges After Endorsement

Elon Musk's father, Errol Musk, has entered the volatile world of memecoins, endorsing a Solana-based token called 'Musk It' (MUSKIT). The project aims to raise between $150 million and $200 million, sparking curiosity and speculation about its long-term potential. This article delves into the details, market reaction, and future prospects of Errol Musk's latest venture.

Errol Musk's entry into the memecoin market follows the launch of tokens by former President Donald Trump and First Lady Melania Trump. Unlike Trump's memecoin, 'Musk It' wasn't originally created by Errol Musk. Instead, it was launched by a Middle Eastern-based crypto firm in December 2024. Musk and his business partner, Nathan Browne, later aligned with the project, adding their endorsement.

MUSKIT is a Solana-based token launched via Pump.fun, with a total supply of 1 billion and a circulating supply of the same amount. Despite Errol Musk's public backing, crucial details regarding the token's economics remain sparse, raising concerns about its long-term sustainability. The 'Musk It' website prominently features Elon Musk's ventures, including a futuristic Mars base, a SpaceX rocket, and a Tesla Cybertruck. However, Errol Musk has clarified that Elon Musk is not involved with the project, even though he claims to have discussed it with his son.

Since its launch on December 9, MUSKIT's price initially struggled, declining in value. However, following Errol Musk's endorsement, the token's price surged from $0.01 to $0.07 before pulling back to $0.035. Currently, MUSKIT has a market capitalization of $35 million, per CoinGecko data. Despite this volatility, traders remain cautious, as memecoins are notorious for rapid price swings and often lose traction after an initial hype cycle. The long-term sustainability of MUSKIT remains uncertain, especially given Errol Musk's limited influence compared to his son.

Errol Musk's venture comes amid a growing trend of influential figures endorsing memecoins. Former President Trump's official Solana-based token, TRUMP, experienced an initial boom, reaching a $75 billion valuation before sharply declining. The launch of Melania Trump's own token