- Mention like Elon Musk’s father backs ‘Musk It’ memecoin, aiming to raise $200M for a new think tank.
- The token surged to $0.20 before falling back to $0.02, with market doubts persisting.
Elon Musk’s father, Errol Musk, has backed ‘Musk It,’ a memecoin aiming to raise up to $200 million for a new think tank. However, concerns over transparency and Elon Musk’s lack of involvement cast doubt on the project’s credibility.
Errol Musk and business partner Nathan Browne have partnered with a Middle Eastern crypto company to promote ‘Musk It’ (MUSKIT), a memecoin launched in December 2024. The initiative seeks to fund the Musk Institute, a for-profit think tank dedicated to engineering breakthroughs, including flying vehicles.
Despite its ambitious goals, details surrounding the project remain unclear. No formal whitepaper or comprehensive tokenomics breakdown has been shared. Still, Errol Musk insists the project is legitimate.
“I’m the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years,” he told Fortune, dismissing concerns about capitalizing on the Musk surname.
Market Performance and Investor Skepticism
Since its launch, ‘Musk It’ has struggled with price volatility. Initially trading at $0.01, it surged to $0.20 following media coverage but has since fallen to around $0.02.
As of January 31, 2025, the token holds a $25 million market cap, with $79 million in daily trading volume, according to CoinMarketCap. Notably, over 44,000 wallets hold MUSKIT, though the top 10 wallets control more than 20% of the supply—raising concerns over centralization.
Crypto analyst Anndy Lian warned that ‘Musk It’ may struggle without Elon Musk’s endorsement.
Elon Musk Distances Himself from the Project
Despite Errol Musk’s efforts to tie his name to the project, Elon Musk has not endorsed ‘Musk It’ and appears to be distancing himself from the venture.
Elon has a well-documented strained relationship with his father. His biographer Walter Isaacson described Errol as a “charismatic fantasist” who left “emotional scars” on Elon during his childhood.
Errol Musk, however, disputed these claims and asserted that he recently spent time with both Elon and his brother, Kimbal Musk.
While Elon has not publicly commented on the memecoin, reports suggest he inquired about it privately. Errol Musk claimed that his son called him after seeing media reports, though he assured Elon that he was pursuing the project independently.
Exchange Listings and Future Projections
Despite the controversy, some speculate that ‘Musk It’ could gain traction if listed on major exchanges.
Currently, the token is available on the Solana-based platform Pump.fun, with liquidity concerns still present. Analysts predict that a listing on a major centralized exchange like Binance or Coinbase could bring significant price movements.
However, market observers remain skeptical. The recent surge in memecoins, fueled by political figures such as Donald Trump’s ‘TRUMP’ token and Melania Trump’s ‘MELANIA’ token, highlights the speculative nature of these projects.
“As for this whole meme coin craze, I think it’s more than just a Trump thing,” Lian noted. “It seems like we’re all hungry for that next big hit in crypto, looking for something that could skyrocket overnight.”
If ‘Musk It’ secures high-profile exchange listings, its price could see renewed momentum. However, without a transparent roadmap or Elon Musk’s support, long-term success remains uncertain.
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