
Errol Musk, the daddy of tech billionaire Elon Musk, is backing a brand new memecoin referred to as “Musk It” to lift between $150 million and $200 million for the Musk Institute—a newly established for-profit suppose tank interested in medical analysis and innovation.
In line with a Fortune record, Errol Musk and his industry spouse, Nathan Browne, are main the initiative independently of his son, Elon Musk. On the other hand, Errol Musk recognizes that buyers might affiliate the token with the Tesla CEO as a result of his prominence within the tech and crypto industries.

Regardless, Errol seems unconcerned in regards to the hypothesis, emphasizing his position within the Musk circle of relatives’s legacy:
“I’m the top of the circle of relatives. It in reality began with me in our circle of relatives—I’ve been ‘Musking It’ for years.”
In spite of his long-standing engagement with the crypto trade, Elon Musk has time and again mentioned that neither he nor his firms plan to factor a token.
Errol, then again, says his inspiration for launching MUSKIT got here after attending a SpaceX tournament in past due 2023. On the tournament, Elon reportedly credited his father for educating him the basics of engineering.
In the meantime, public experiences recommend the father-son courting has been strained through the years. Walter Isaacson’s 2023 biography of Elon Musk detailed previous tensions, together with allegations of verbal abuse all the way through Elon’s formative years.
On the other hand, Errol has denied those claims, brushing aside experiences that he used to be estranged from his youngsters or have been abusive towards Elon’s mom, Maye Musk.
Musk It
Information from DEXScreener signifies that more than one memecoins the use of the “Musk” branding have seemed throughout networks corresponding to Solana, Base, and Ethereum.
On the other hand, the unique Musk It token used to be introduced in December 2024 through a Heart Jap crypto company in the course of the Solana-based memecoin platform Pump.amusing.
The venture’s respectable X web page describes it as a “coin of revolution, growth, and breaking obstacles.”
Solscan knowledge presentations that the token has a complete provide of one billion, with its most sensible 10 holders controlling 22.79% of the availability, whilst the remaining is sent amongst different buyers.
Following Errol Musk’s endorsement, Musk It surged 300%, attaining an all-time prime of $0.3322 sooner than fairly retracting to $0.03599. Buying and selling quantity additionally noticed an 8,000% building up, surpassing $80 million all the way through the reporting length, in keeping with CoinMarketCap knowledge.
Group response
Musk It’s upward thrust comes amid a rising development of celebrity-backed and politically connected memecoins, together with the ones related to US President Donald Trump.
This wave has sparked complaint from trade leaders, together with billionaire investor Mark Cuban, who has referred to as for better oversight of memecoins because of their unchecked expansion.
He mentioned:
“There are 1m tokens per week as a result of there is not any registration. We’d like a easy registration shape this is adapted against meme cash. There are sufficient KYC equipment that may make it similar day approval, with a rate to hide prices. In a different way the junk will crush the restricted high quality and harm the trade.”
Discussed on this article Posted In: Memecoins, Other people
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