Errol Musk endorses Musk It is a memecoin that prioritizes innovation objectives and family legacy.
Errol Musk, the father of tech magnate Elon Musk, is currently supporting a new memecoin dubbed “Musk It” in an effort to raise $150 million to $200 million for the Musk Institute, a recently established for-profit think tank that is dedicated to scientific research and innovation.
Errol Musk and his business associate, Nathan Browne, are spearheading the initiative independently of his son, Elon Musk, according to a Fortune report. Nevertheless, Errol Musk recognizes that investors may associate the token with the Tesla CEO due to his prominence in the tech and crypto industries.
Irrespective of the speculation, Errol appears unconcerned, underscoring his significance in the Musk family’s legacy:
“I am the ruler of the household. I have been ‘Musking It’ for years; it really began with me in our family.”
Elon Musk has consistently denied that he or his organizations intend to issue tokens, despite their extensive involvement in the crypto industry.
Errol, on the other hand, contends that his motivation for establishing MUSKIT manifested itself subsequent to his attendance at a SpaceX event in late 2023. Elon reportedly acknowledged his father’s role in instructing him on the fundamentals of engineering during the event.
Conversely, public reports indicate that the father-son relationship has been fraught with tension over the years. Walter Isaacson’s biography of Elon Musk, published in 2023, included allegations of verbal abuse during Musk’s childhood.
Nevertheless, Errol has refuted these allegations, denying that he was estranged from his children or had been abusive toward Elon’s mother, Maye Musk.
DEXScreener data suggests that the “Musk” branding has been present on a number of memecoins across networks including Ethereum, Base, and Solana.
In December 2024, a Middle Eastern crypto firm unveiled the original Musk It token through the Solana-based memecoin platform Pump.fun.
According to the official X page of the initiative, it is a “coin of revolution, progress, and overcoming barriers.”
According to Solscan data, the token has a total supply of 1 billion, with the top 10 holders controlling 22.79% of the supply and the remaining portion being distributed among other investors.
Following Errol Musk’s endorsement, Musk It experienced a 300% increase, reaching an all-time peak of $0.3322 before marginally retreating to $0.03599. CoinMarketCap data also indicates that trading volume increased by 8,000% during the reporting period, surpassing $80 million.
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