Elon Musk's father aims to raise $200 million with 'Musk It' to fund think tank; Memecoin explodes 245% today

In a surprising move in the cryptocurrency world, Errol Musk, father of renowned tech mogul Elon Musk, is launching a coin meme innovative venture called “Musk It.” The goal of the launch is to raise a substantial amount, estimated at between $150 million and $200 million, to fund a new for-profit think tank: the “Musk Institute,” according to as information published by Fortune on January 30th.

The Musk Institute, founded by Errol, aims to go beyond the aerospace projects that characterize his son's SpaceX. The idea is to encompass a diverse range of engineering initiatives, exploring areas such as renewable energy, artificial intelligence and cutting-edge technologies not yet imagined.

“I’m the head of the family,” Errol told Fortune. “It started with me in our family — I’ve been ‘Musking It’ for years.”

Musk It is a meme coin created by Errol Musk, Elon Musk’s father, to fund the Musk Institute, a think tank focused on engineering projects. The strategic partnership for the launch of “Musk It” involves a Middle Eastern cryptocurrency company, which collaborated on the creation and implementation of the token in December. The market capitalization of the meme coin skyrocketed after the announcement, highlighting the potential impact of the project. Today alone, the price of the Musk It token (MUSKIT) exploded almost 245%, currently trading at $0,03798. Its market capitalization is $37.1 million.

Furthermore, Musk It’s trading volume has seen an impressive increase over the past day. According to market data, Musk It (MUSKIT)’s trading volume was $75.522.504 in the past 24 hours, representing a 6.982,70% increase from a day ago and signaling a recent surge in market activity.

Yesterday, amid the news, the token set a new all-time high. The highest price paid for Musk It (MUSKIT) was $0,06921, recorded on January 30, 2025 (approximately 13:45,84 p.m.). Comparatively, the current price is XNUMX% lower than the all-time high.

Despite the obvious association with his surname, Elon Musk is not directly involved in the “Musk It” project. Errol Musk assured that his son only expressed curiosity about the initiative after learning about it through the media, but that he is not actively involved.

Errol Musk’s declaration as “head of the family” and the years-long mention of “Musking It” add a layer of intrigue to the narrative. It remains to be seen whether the “Musk It” meme coin will be able to spur a new era of engineering innovation, or if it’s just another eccentric chapter in the cryptocurrency universe.