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Elon's Father Launches "Musk It" Token, Struggles to Gain Traction

Coin WorldFriday, Jan 31, 2025 10:19 am ET

1min read

Elon Musk's father, Errol Musk, has entered the memecoin market with his own token, "Musk It" (MUSKIT), aiming to raise up to $200 million for a for-profit think tank called the Musk Institute. This move comes amidst a growing trend of celebrity-backed meme tokens, following the launches of Donald Trump's "Official Trump" (TRUMP) and "Official Melania" (MELANIA) tokens earlier this year.

The "Musk It" token was quietly launched on December 12, 2024, by a Middle Eastern cryptocurrency company. However, despite the prominent Musk name, the token has struggled to gain momentum. As of January 30, 2025, the token has lost more than 52% of its initial value, now 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. This absence of direct endorsement from the high-profile Tesla and SpaceX CEO could be a factor hindering the token's success, despite the family name carrying considerable weight in the crypto and tech communities. Memecoin tokens often thrive on celebrity backing, and without Elon's seal of approval, "Musk It" may face significant challenges in capturing the public's attention.

While the "Musk It" token's performance may leave much to be desired, the broader memecoin market still holds appeal for traders who can stomach its volatility. Notably, some savvy investors have capitalized on these digital assets' erratic price movements.

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