Errol Musk's "Musk It" Token Struggles Despite Family Name
1min read Errol Musk, the father of tech mogul Elon Musk, has ventured into the memecoin world with his own token, "Musk It" (MUSKIT). The project aims to raise up to $200 million to fund a for-profit think tank named the Musk Institute, as revealed by Musk in a recent interview.
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 7:58 am UTC on 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.
