Errol Musk Launches a Meme Coin Named “Musk It,” Aiming to Raise Between $150 Million and $200 Million

Meme coins, which often lack intrinsic value and are driven by online hype, have seen a surge in popularity. “Musk It” comes amid a flurry of controversial meme coins over the past several weeks, raising concerns within the crypto industry and beyond.

Billionaire entrepreneur Elon Musk's father, Errol Musk, has announced plans to launch a meme coin named “Musk It,” aiming to raise between $150 million and $200 million.

The meme coin, which is being touted as a way to support a new scientific think tank, is part of a recent surge in hype-driven tokens that have sparked concerns within the crypto industry.

Errol Musk's Meme Coin to Aid Musk Institute

Elon Musk has frequently influenced crypto markets, especially with Dogecoin (DOGE), but he has never officially launched a token of his own. However, his father believes his meme coin could change the game.

Errol Musk and his business partner, Nathan Browne, plan to use the funds from the Musk It project to support the newly established Musk Institute, a for-profit scientific think tank. While Errol Musk claims his initiative is separate from his son's endeavors, many investors will likely associate the token with the CEO of Tesla and SpaceX.

“If the Musk family is involved, you know it’s going to be a RIDE,” one user on X quipped.

A Middle Eastern-based crypto company initially launched the token in December, but it failed to gain traction until Errol Musk publicly endorsed it, insisting it is not a “pump-and-dump” scheme. However, the lack of transparency, with little information about the Musk It meme coin's structure, has raised concerns.

This contrasts with most cryptocurrency projects, which typically release detailed tokenomics outlining funding allocation and distribution. However, data on CoinGecko shows Musk It meme coin's market capitalization approaching $27 million at the time of writing.

Errol Musk's strained relationship with his son has been well-documented. Walter Isaacson's 2023 biography of Elon Musk describes Errol as a “charismatic fantasist” who deeply affected Elon's childhood.

The book also alleges that their relationship worsened after Errol fathered a child with his stepdaughter, leading Elon's brother, Kimbal, to cut ties. Errol Musk has denied these claims, but his decision to launch a token bearing the family name could further strain their relationship.

The Rise of Politically Charged Meme Coins

Musk's launch comes amid a recent wave of politically and celebrity-driven meme coins, including TRUMP and MELANIA. The rise of such tokens has drawn political attention, with Democrats calling for an ethics probe into Donald Trump's involvement in crypto.

In a similar vein, Massachusetts Senator Elizabeth Warren has pushed for increased regulatory oversight on politically affiliated tokens. Elon Musk's role leading D.O.G.E, and the Trump administration's Department Of Government Efficiency, could draw Musk It into this conversation.

These concerns follow reports of TRUMP token investors falling victim to rug pulls. BeInCrypto reported that scammers created hype before quickly draining liquidity and abandoning the project.

Ivanka Trump recently warned against a fraudulent meme coin using her name for the same reasons.

“It has come to my attention that a fake crypto coin called “Ivanka Trump” or “$IVANKA” is being promoted without my consent or approval. To be clear: I have no involvement with this coin,” the post read.

A recent report from blockchain analytics firm Chainalysis revealed that just 40 wallets hold 94% of TRUMP and MELANIA tokens, sparking concerns over market manipulation.

Meanwhile, Cathie Wood of ARK Invest dismissed the hype surrounding recently launched Trump-branded meme coins.