Elon Musk’s Father Plans to Raise $200M with ‘Musk It’ Memecoin, Price Surges 257%

Highlights:

• Elon Musk’s father aims to raise $150-200 million through the “Musk It” memecoin.
• Musk It lacks transparency, with unclear tokenomics and a vague purpose beyond funding.
• The token saw a 257% price surge but faced a subsequent decline in value.

Errol Musk, father of tech mogul Elon Musk, recently told Fortune that he plans to raise between $150 million and $200 million through a memecoin called “Musk It (MUSKIT).” The funds will support the Musk Institute, a for-profit think tank Errol is establishing to pursue scientific advancements like flying vehicles.

According to Fortune, Errol Musk, father of Tesla CEO Elon Musk, hopes to raise $150 million to $200 million through a token project called "Musk LT." He said he had no qualms about using his name to make money on the "memecoin," which many potential buyers would associate with…

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A Middle East-based crypto company originally launched the token in December. Errol and his business partner Nathan Browne later attached themselves to the project after conceptualizing the Musk Institute. However, the token struggled to gain traction. Now, both are preparing to publicly support the memecoin but have not disclosed details about its tokenomics or structure in the Fortune interview.

This surge in interest follows a return of retail investor attention to memecoins, spurred by the launch of the Official Trump (TRUMP) memecoin on Jan. 18 and the Official Melania (MELANIA) token on Jan. 19, both on the Solana network.

Elon Musk Not Involved in Musk It Project, Says Errol Musk

Elon Musk is not involved in the Musk It project. In the interview, Errol shared his frustration over the idea that he shouldn’t launch a token under the Musk name, as investors might associate it with his son. “It really started with me in our family—I’ve been ‘Musking It’ for years,” he told Fortune. “If anyone is relying on Elon to endorse or contribute, then I think they’re missing the point,” Browne said. 

Despite being separate from Elon Musk’s ventures, the Musk It site showcases his innovations, including a SpaceX rocket and a Tesla Cybertruck, with a “Mars Base; Opening Soon” note on the homepage.

Musk It Memecoin Raises Concerns Over Lack of Transparency and Purpose

Memecoins, notorious for their volatility and connection to internet trends or figures, present a high-risk investment. The limited information available about “Musk It” has sparked concerns. Its official website provides little insight into the project, and details about its tokenomics are almost entirely absent.

Neither Errol nor Browne have given clear explanations about the token’s structure or its intended purpose beyond supporting the think tank. Browne mentioned that one of his conditions for joining the project was that “this cannot be a pump and dump.”

Musk It Token Surges Over 250%

As of Friday, MUSKIT’s market capitalization stands at $35 million, based on CoinMarketCap data. It experienced $81 million in trading volume and a 257% price increase in the past 24 hours. Following Fortune’s report on low liquidity and muted trading volumes, the price soared from 1 cent to 20 cents but has since fallen back to just over 3 cents during the Asian afternoon hours.

The token, issued on the Solana platform Pump.fun, has a circulating supply of one billion tokens. Data shows that MUSKIT has 44,000 holders, with the top ten addresses holding more than 20% of the total supply, valued at over $7 million at current price.