Elon Musk’s father, Errol Musk, has launched a memecoin named ‘Musk It,’ aiming to raise up to $200 million for a new think tank called the Musk Institute. The institute focuses on engineering breakthroughs, including flying vehicles. Despite ambitious goals, details about the project remain unclear as no formal whitepaper or comprehensive tokenomics breakdown has been shared.
Errol Musk and his business partner Nathan Browne have partnered with a Middle Eastern crypto company to promote ‘Musk It’ (MUSKIT), which was launched in December 2024. Initially trading at $0.01, the token surged to $0.20 following media coverage but has since fallen back to around $0.02. As of January 31, 2025, the token holds a $25 million market cap with $79 million in daily trading volume. Over 44,000 wallets hold MUSKIT, although the top 10 wallets control more than 20% of the supply, raising concerns over centralization.
Market performance has been volatile, and investor skepticism is prevalent. Crypto analyst Anndy Lian warned that without Elon Musk’s endorsement, ‘Musk It’ might struggle. Elon Musk has not publicly endorsed the project and appears to be distancing himself from it. His strained relationship with his father is well-documented, with biographer Walter Isaacson describing Errol as a “charismatic fantasist” who left emotional scars on Elon during his childhood. However, Errol disputes these claims and asserts he recently spent time with both Elon and his brother, Kimbal Musk.
Despite the controversy, some speculate that ‘Musk It’ could gain traction if listed on major exchanges. Currently available on the Solana-based platform Pump.fun, analysts predict significant price movements if the token is listed on a major centralized exchange like Binance or Coinbase. Recent surges in memecoins, such as Donald Trump’s ‘TRUMP’ token and Melania Trump’s ‘MELANIA’ token, highlight the speculative nature of these projects. Analysts note that while there is hunger for the next big hit in crypto, long-term success for ‘Musk It’ remains uncertain without transparent roadmaps or Elon Musk’s support.