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Elon's Father Launches "Musk It" Meme Coin for Think Tank

Coin WorldFriday, Jan 31, 2025 3:40 am ET

1min read

Elon Musk's father, Errol Musk, has been making headlines recently with his plans to raise funds through a memecoin called "Musk It" (MUSKIT). The project aims to support a for-profit think tank called the Musk Institute, which Errol plans to use to advance his scientific pursuits, including the development of flying vehicles.

Errol Musk and his business partner, Nathan Browne, are seeking to raise between $150 million and $200 million from the memecoin project. They are not the creators of the Musk It coin but have approved its name and decided to partner on the token after conceiving the idea for the Musk Institute late last year. The meme coin was silently launched on Dec. 12, 2024, by a Middle Eastern cryptocurrency company.

Despite the initial launch, the Musk It token failed to gain significant traction. As of 7:58 am UTC on Jan. 31, 2025, the token was trading at $0.02 with a $25 million market capitalization, according to CoinMarketCap data. However, the token reached an all-time high of $0.3322 on Jan. 31 following the news of Errol Musk's association with the project.

Errol Musk has expressed his frustrations at the thought that he shouldn't be launching a token under the Musk name as investors will likely associate it with his son, Elon Musk. However, he maintains that the project is independent of his son's involvement. Elon Musk has no involvement in the Musk It project, and Errol has stated that his son has not endorsed or contributed to the project.

The Musk It token is available on several exchanges, including Raydium, MEXC, Meteora, WEEX, and BingX. The project's website offers virtually no details about the project, and information about its tokenomics is almost non-existent. Neither Errol nor Browne have provided clear answers about the token's structure or its intended use beyond funding the think tank. Browne indicated that one of their conditions for joining the project was that "this cannot be a pump and dump."

Errol Musk has dismissed concerns about using the family name for a crypto project that investors might associate with his famous son. He believes that anyone who follows after Elon should be allowed to be successful

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