Elon Musk’s Father Enters Meme Coin Market with “Musk It,” Aiming for $200 Million Boost

Errol Musk, the father of billionaire entrepreneur Elon Musk, has become the latest figure to enter the meme coin craze.

Following the example set by former U.S. President Donald Trump and First Lady Melania Trump, who recently launched their own cryptocurrency tokens, Errol Musk has announced his participation in a project called “Musk It.”

In a discussion with Fortune, Musk and his business partner, tech consultant Nathan Browne, disclosed their goal to raise between $150 million and $200 million through the meme coin initiative.

Errol Plans to Establish Musk Institute

The funds, they assert, will be utilized to create the Musk Institute, a for-profit think tank dedicated to advanced scientific research, including the development of flying vehicles.

Despite his endorsement, Errol Musk clarified that he did not originate the Musk It token.

The meme coin was discreetly launched in December 2023 by a Middle Eastern-based cryptocurrency firm on the Solana blockchain.

However, after formulating the concept for the Musk Institute later that year, Musk and Browne opted to collaborate with the project, approving the name and providing their public support.

Musk has now officially endorsed MUSKIT, which was initially introduced via Pump.enjoy.fun, a Solana-based meme coin creation platform.

Errol Musk, father of Elon Musk, has endorsed MUSKIT, a Solana memecoin, aiming to raise up to $200M for his Musk Institute. $MUSKIT surged 7x after his backing before retracing to $0.035. pic.twitter.com/UHeWmqhhje

— Satoshi Club (@esatoshiclub) January 31, 2025

However, limited information is available regarding the project’s tokenomics, aside from its total supply of 1 billion.

Even Musk himself appeared to be unaware of some of the finer details, although Browne asserted that “this can’t be a pump and dump.”

Since its launch on December 9, MUSKIT had experienced a steady decline in value before witnessing a sudden increase following Musk’s public endorsement.

The token surged from $0.01 to $0.07, only to later retract to $0.035, placing its market capitalization at $35 million, according to CoinGecko.

Despite his involvement, Errol Musk stressed that Elon Musk has no affiliation with the project.

He mentioned that he had discussed the token with his well-known son but made it clear that “Elon has nothing to do with this.”

Nevertheless, the project’s website prominently references Elon Musk’s ventures, featuring images of a SpaceX rocket, Tesla Cybertruck, and a Martian colony, with a tagline suggesting that the “Mars Musk It base” is launching soon.

Elon Musk and the Meme Coin Phenomenon

Elon Musk has long been associated with meme coins, particularly Dogecoin (DOGE), which he has frequently mentioned on social media.

However, while numerous third-party tokens have leveraged his name, he has never released an official cryptocurrency of his own.

Meanwhile, the broader meme coin market continues to witness high-profile launches.

Donald Trump’s official Solana-based token, TRUMP, debuted at the Crypto Ball in Washington ahead of his presidential inauguration, initially soaring to a valuation of $75 billion—briefly exceeding DOGE.

However, it later experienced a sharp correction after Melania Trump introduced her own token, MELANIA.

Currently, TRUMP is trading at $25.77 with a $5.1 billion market cap, while MELANIA is priced at $2.06 with a $308 million valuation.

The rise in celebrity-endorsed cryptocurrencies raises questions regarding the long-term sustainability of these projects.

While some, like DOGE, have maintained a loyal following, others have experienced rapid booms and busts.

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