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"Elon's Dad Backs 'Musk It' Meme Coin, Aiming for $200M"

Coin WorldFriday, Jan 31, 2025 10:20 am ET

1min read

Elon Musk’s Father Promotes ‘Musk It’ Solana Meme Coin

Errol Musk, father of Tesla and SpaceX CEO Elon Musk, has endorsed a new meme coin called ‘Musk It’ (MUSKIT), which is trading on the Solana blockchain. The coin aims to raise between $150 million and $200 million to fund a for-profit think tank called the Musk Institute. Errol Musk stated that he is unbothered by critics who believe the meme coin is riding on his son’s fame, asserting that he is the ‘head of the family’ and has been ‘Musking It’ for years.

Following Errol Musk’s endorsement, MUSKIT is trading at $0.04, up 280% according to CoinGecko data. The Musk It token was initially launched by a Middle Eastern-based crypto company in December 2024 but gained significant attention after Errol and his business partner, tech consultant Nathan Browne, decided to endorse it. Browne stated that one of their conditions for joining the project was ensuring it ‘cannot be a pump and dump.’

The financial structure of Musk It remains vague, with no roadmap or tokenomics breakdown. While meme coins are prone to rapid rises and crashes, Errol Musk insists that the token has a larger purpose—funding the Musk Institute, which he envisions as a hub for innovative engineering projects like flying vehicles. Errol Musk believes that ‘we need to go beyond rockets’ and that the Musk Institute will be a place for innovative engineering solutions.

Elon Musk, who has dedicated decades to perfecting rocket technology and turning humanity into a multi-planetary species, has no involvement in the Musk It project. His biographer Walter Isaacson once described Errol Musk as a ‘charismatic fantasist’ whose presence ‘bedevils’ Elon. The relationship between Elon and Errol Musk has reportedly soured over the years, with Elon accusing his father of being ‘a terrible human being’ and claiming that ‘almost every crime you can possibly think of, he has done.’ Errol Musk disputes this characterization and claims that Elon recently inquired about Musk It after seeing media reports, but there is no confirmation from Elon Musk regarding this claim.

Elon Musk himself is no stranger to meme coins, but unlike his

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