Elon Musk’s Father Looks to Raise $200M With “Musk It” Memecoin

Errol Musk is reportedly looking to raise substantial capital, between $150 million and $200 million, through his memecoin project, Musk It (MUSKIT). The amount will be used to fund the Musk Institute, a for-profit think tank dedicated to advancing scientific endeavors, including the development of advanced aerial vehicles.

The ‘Musk It’ token, initially launched discreetly in December 2024 by a Middle Eastern cryptocurrency company, has experienced a volatile trajectory. However, while initially failing to gain significant traction, experiencing a decline of over 52% since its inception, the token’s price surged following the announcement of Errol Musk’s involvement.

Notably, the token has surged 260.9% over the past 24 hours, according to CoinGecko data. It is currently trading at $0.039 with a market capitalization of $38 million.

Errol Musk Denies Elon’s Involvement

The recent surge in interest surrounding celebrity-endorsed memecoins, ignited by the launches of the Official Trump (TRUMP) and Official Melania (MELANIA) tokens, has brought a new player into the spotlight, Errol Musk, father of Elon Musk.

Musk and his business partner, Nathan Browne, have clarified their role in the project. While they are not the original creators of the ‘Musk It’ coin, they have endorsed the project and partnered with the developers after conceiving the idea for the Musk Institute.

They emphasize that Elon Musk has no involvement whatsoever in this venture. Errol Musk expressed his frustration with the inevitable association with his son, stating,

“It started with me in our family—I’ve been ‘Musking It’ for years.”

Browne echoed this sentiment, emphasizing that any investment based on an expectation of Elon Musk’s endorsement is misplaced.

Trump Family Memecoins Trigger a Trend

Before Donald Trump’s presidential inauguration, his team launched the Official Trump (TRUMP) and Official Melania (MELANIA) tokens on the Solana blockchain, creating market excitement.

Experts highlighted the importance of these token launches. Blockchain specialist Anndy Lian called it a “transformative moment for memecoins and altcoins.” He compared it to the ICO craze but noted a larger market impact due to celebrity endorsement and major financial group participation. This could usher in a new era of memecoin-driven market movements.

Industry figures such as Ki Young Ju, CEO of CryptoQuant, believe this trend will persist, predicting that meme-driven assets will remain key players in the crypto market.

“The decentralized nature of cryptocurrency ensures these tokens, like the Trump family’s, can gain global traction, irrespective of traditional market regulations.” he asserted