Errol Musk Backs New Memecoin “Musk It” to Raise $150-200 Million for Musk Institute
Errol Musk, the father of tech billionaire Elon Musk, is supporting a new memecoin called “Musk It” in an effort to raise between $150 million and $200 million for the newly established Musk Institute. The institute is a for-profit think tank that focuses on scientific research and innovation.
Errol Musk Leading the Initiative Independently of Elon Musk
Errol Musk and his business partner, Nathan Browne, are spearheading the initiative independently of Elon Musk. Despite this, Errol acknowledges that investors may associate the token with the Tesla CEO due to his prominent presence in the tech and crypto industries.
“I’m the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years.”
Errol Musk seems unworried about potential speculation, emphasizing his significant role in the Musk family’s legacy. On the other hand, Elon Musk has made it clear that neither he nor his companies have intentions to issue a token.
Inspiration Behind MUSKIT Launch
Errol Musk revealed that his inspiration for launching MUSKIT came after attending a SpaceX event in late 2023, where Elon credited his father for teaching him engineering fundamentals. Despite reports of a strained relationship between the father and son over the years, Errol denied claims of being estranged from his children or being abusive toward Elon’s mother, Maye Musk.
Musk It Token Details
Several memecoins using the “Musk” branding have emerged across various networks, including Solana, Base, and Ethereum. However, the original Musk It token was introduced in December 2024 by a Middle Eastern crypto firm on the Solana-based memecoin platform Pump.fun.
The project’s official X page describes Musk It as a “coin of revolution, progress, and breaking barriers.” Solscan data reveals that the token has a total supply of 1 billion, with the top 10 holders controlling 22.79% of the supply.
Musk It’s Surge and Community Reaction
Following Errol Musk’s endorsement, Musk It experienced a 300% surge, reaching an all-time high before slightly retracting. The trading volume also saw a significant increase, surpassing $80 million during the reporting period.
The rise of Musk It coincides with a trend of celebrity-backed and politically linked memecoins, including those associated with US President Donald Trump. This trend has drawn criticism from industry leaders like Mark Cuban, who has called for greater oversight of memecoins due to their unchecked growth.
“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. Otherwise the junk will overwhelm the limited quality and hurt the industry.”