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Errol Musk Launches "Musk It" Memecoin, Surges 300%

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

1min read

Elon Musk’s father, Errol Musk, is backing a new memecoin called “Musk It” to raise between $150 million and $200 million for the Musk Institute, a newly established for-profit think tank focused on scientific research and innovation. Errol Musk, who acknowledges his role in the Musk family’s legacy, is leading the initiative independently of his son, Elon Musk. Despite the potential association with the Tesla CEO, Errol appears unconcerned about speculation and emphasizes his role in the family's legacy. Errol's inspiration for launching MUSKIT came after attending a SpaceX event in late 2023, where Elon credited his father for teaching him the fundamentals of engineering. Public reports suggest a strained relationship between Errol and Elon, with allegations of verbal abuse during Elon’s childhood. However, Errol denies these claims and dismisses reports of estrangement from his children or abuse toward Elon’s mother, Maye Musk.

Musk It is the original Musk It token, launched in December 2024 by a Middle Eastern crypto firm through the Solana-based memecoin platform Pump.fun. The project’s official Xpagedescribes it as a “coin of revolution, progress, and breaking barriers.” Solscandata shows that the token has a total supply of 1 billion, with its top 10 holders controlling 22.79% of the supply, while the rest is distributed among other investors. Following Errol Musk’s endorsement, Musk It surged 300%, reaching an all-time high of $0.3322 before slightly retracting to $0.03599. Trading volume also saw an 8,000% increase, surpassing $80 million during the reporting period, according to CoinMarketCapdata.

Musk It’s rise comes amid a growing trend of celebrity-backed and politically linked memecoins, including those associated with US President Donald Trump. This wave has sparked criticism from industry leaders, such as billionaire investor Mark Cuban, who has called for greater oversight of memecoins due to their unchecked growth. He stated, “There are 1m tokens a week because there is no registration. We need a simple registration form that is tailored towards meme coins. There are enough KYC tools that can make it same day approval, with a fee to cover costs.

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