"Errol Musk's 'Musk It' Memecoin Surges After Endorsement, Sparking Speculation and Caution"

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 up to $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 comes on the heels of former President Donald Trump and First Lady Melania Trump launching their own tokens. Errol Musk and his business partner, Nathan Browne, revealed their hopes to raise between $150 million and $200 million through 'Musk It'. However, 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, with Musk and Browne later aligning with the project.

MUSKIT is a Solana-based token launched via Pump.fun, with a total and circulating supply of 1 billion. Browne has stated that the project is not intended to be a 'pump and dump' scheme, but the lack of transparency in tokenomics raises concerns. Adding to the intrigue, 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, despite claiming 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. Despite this volatility, traders remain cautious, as memecoins are notorious for rapid price swings and many such tokens 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