Elon Musk’s Dad Eyes $200M Fundraising Through “Musk It” Memecoin Project

Errol Musk, father of tech mogul Elon Musk, is reportedly venturing into the memecoin world with his own token, “Musk It” (MUSKIT). The project aims to raise up to $200 million to fund a for-profit think tank named the Musk Institute, as revealed by Musk in a recent interview with Fortune.

Growing Trend of Memecoin Launches

This move positions Errol Musk as the latest high-profile figure to tap into the growing trend of celebrity-backed meme tokens, a sector that has seen an uptick in interest following the launch of several high-profile coins earlier this year.

The surge in memecoin popularity can be traced back to the January launches of Donald Trump’s “Official Trump” (TRUMP) token and the “Official Melania” (MELANIA) token, both of which debuted on the Solana blockchain. These celebrity-endorsed memecoins sparked retail investor enthusiasm, fueling speculation that others, including Errol Musk, might follow suit with their own digital assets.

Errol Musk Aims to Raise Funds for Think Tank

The “Musk It” token was quietly launched on December 12, 2024, by a Middle Eastern cryptocurrency company. However, despite the prominent Musk name, the token has struggled to gain momentum. As of 7:58 am UTC on January 30, 2025, the token has lost more than 52% of its initial value, now trading at just $0.02, with a market capitalization of $25 million, according to CoinMarketCap.

Errol Musk clarified that his son, Elon Musk, has no involvement with the “Musk It” token project. This absence of direct endorsement from the high-profile Tesla and SpaceX CEO could be a factor hindering the token’s success, despite the family name carrying considerable weight in the crypto and tech communities.

Memecoin tokens often thrive on celebrity backing , and without Elon’s seal of approval, “Musk It” may face significant challenges in capturing the public’s attention.

While the “Musk It” token’s performance may leave much to be desired, the broader memecoin market still holds appeal for traders who can stomach its volatility. Notably, some savvy investors have capitalized on these digital assets’ erratic price movements.