Errol Musk Tries to Cash in on the Memecoin Craze With “Musk It” Project

The memecoin craze shows no signs of stopping, and even the most unexpected figures are riding this ultra-lucrative wave. This time, it's from the Musk clan that we observe an incursion into the crypto business. But no Elon in sight!

Errol Musk, father of tech entrepreneur Elon Musk, is venturing into the cryptocurrency domain with a memecoin project called “Musk It”. The initiative aims to raise $150-$200 million for a think tank named the “Musk Institute”.

Errol Musk's Entry into Crypto with Memecoin “Musk It”

Errol Musk, the father of tech superstar Elon Musk, has decided to use his name to mint a memecoin, hoping to raise around $150-$200 million in the process. His official goal is to fund a think tank called the “Musk Institute”.

However, the project seems to have been conceived in reverse, with the token coming first and the ideas later. Interestingly, the Musk It coin existed before Errol's involvement, but that hasn't stopped the patriarch from claiming paternity over the initiative.

“I've always ‘Musked’ in my family,” he boasts.

The crypto project lacks a roadmap or clear explanation on token distribution, and CoinMarketCap shows a self-declared market cap of $11 million for the memecoin. Errol, for his part, maintains that everything is under control:

“This will not be a scam.”

Elon Musk and His Father: A Complicated Legacy

If there's one thing Elon Musk doesn't condone, it's the appropriation of his name for dubious purposes. Officially, he has nothing to do with the Musk It crypto. Unofficially, he would have surely called his father to inquire about it.

But communication between the two men seems more like a battleground than a family conversation.

Errol Musk, an eccentric character, is no stranger to controversy. From his outlandish statements to his questionable lifestyle choices (like having a child with his daughter-in-law), he has carved out a notorious reputation.

Even his own son publicly disavowed him. In 2022, Elon tweeted:

“Errol ran out of money in the 90s. My brother & I financially supported him & his extended family in South Africa since then on condition that he not do bad things. Unfortunately, he did do bad things.”

And the patriarch's scandals don't end there. He recently made headlines discussing the supposed Nazi connections of Elon's maternal grandparents, stating that “they used to support Hitler”.

A statement that obviously didn't help to restore his image.

It's worth noting that Elon Musk has already chosen his memecoin: Dogecoin. The billionaire has repeatedly promoted it, and his latest maneuver is telling: he reportedly offered the founder of Dogecoin a position in the USA DOGE department. A subtle way to remind everyone who the true Musk of crypto is.