Elon Musk’s Father Joins Meme Coin Craze with “Musk It,” Plans $200M Raise

Errol Musk, father of billionaire entrepreneur Elon Musk, has become the latest figure to jump into the meme coin frenzy.

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

In an interview with Fortune, Musk and his business partner, tech consultant Nathan Browne, revealed their ambition to raise between $150 million and $200 million through the meme coin venture.

Errol Plans to Establish Musk Institute

The funds, they claim, will be used to establish the Musk Institute, a for-profit think tank focused on advanced scientific research, including the development of flying vehicles.

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

The meme coin was quietly launched in December 2023 by a Middle Eastern-based crypto company on the Solana blockchain.

However, after conceiving the idea for the Musk Institute later that year, Musk and Browne decided to collaborate with the project, approving the name and lending their public support.

Musk has now formally endorsed MUSKIT, which was initially launched via Pump.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, little information is available regarding the project’s tokenomics, aside from its 1 billion total supply.

Even Musk himself appeared unfamiliar with some of the finer details, though Browne insisted that “this cannot be a pump and dump.”

Since its December 9 launch, MUSKIT had seen a steady decline in price before experiencing a sudden surge following Musk’s public endorsement.

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

Despite his involvement, Errol Musk emphasized that Elon Musk has no connection to the project.

He stated that he had spoken with his famous son about the token but made it clear that “Elon has nothing to do with this.”

However, the project’s website heavily 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 opening soon.

Elon Musk and the Meme Coin Phenomenon

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

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

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

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

However, it later saw a sharp correction after Melania Trump launched her own token, MELANIA.

As of now, TRUMP is trading at $25.77 with a $5.1 billion market cap, while MELANIA sits at $2.06 with a $308 million valuation.

The surge in celebrity-endorsed cryptocurrencies raises questions about the long-term viability of these projects.

While some, like DOGE, have maintained a dedicated following, others have seen rapid booms and busts.