Errol Musk Launches "Musk It" Memecoin to Fund His New Think Tank

Errol Musk, the father of billionaire entrepreneur Elon Musk, has announced plans to launch his own memecoin titled "Musk It" as part of a growing trend of celebrity-backed cryptocurrencies.

Errol Musk, father of billionaire entrepreneur Elon Musk, has announced plans to launch his own memecoin as part of a growing trend of celebrity-backed cryptocurrencies. Errol Musk hopes to raise between $150 million and $200 million to fund the Musk Institute, his new for-profit think tank focused on various scientific innovations, including the development of flying vehicles.

The "Musk It" token quietly debuted on the Solana network on December 12, yet gained notable traction following Errol Musk's public endorsement on January 31, where the token saw over 200% growth within 24 hours.

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

This move mirrors similar ventures by former President Donald Trump and First Lady Melania Trump, who have both entered the memecoin domain with their own tokens, TRUMP and MELANIA, respectively. After their launches, both tokens experienced considerable market fluctuations, highlighting the rising popularity of such cryptocurrencies.

Trump's memecoin, established on January 18, quickly saw trading activity surge, even reaching a fully diluted valuation of more than $75 billion. However, volatility remained common; the token's peak valuations dropped significantly shortly after its launch. Similarly, Melania's token exhibited dramatic market movements, initially skyrocketing before experiencing steep corrections.

Despite the uncertainty surrounding memecoins, Errol Musk emphasized his commitment to ensuring "Musk It" is not merely another "pump and dump" scheme.

“This cannot be a pump and dump,” said Nathan Browne, Errol Musk's business partner and tech consultant, as they highlighted the importance of maintaining the integrity of their venture amid the temptations associated with the cryptocurrency boom.

According to market data, "Musk It" currently trades at approximately $0.0497, placing it among the more successful newly launched tokens. Past prices dropped as low as $0.0089 before the token eventually rallied. Statistics show that at one point, following Errol's endorsement, the token spiked to about $0.0728.

This impressive growth has caught the attention of both investors and crypto analysts, especially as it outperformed established meme tokens like Dogecoin and Shiba Inu during its peak trading hours.

While Elon Musk, who has frequently been associated with Dogecoin, has distanced himself from this new initiative, the branding and themes of "Musk It" heavily reference his son's companies and fandom. The project’s promotional materials include vibrant scenes, such as depictions of Mars and SpaceX rockets, that link to Elon Musk's much-publicized ambitions for interplanetary colonization.

"If anyone is relying on Elon to endorse or contribute, then I think they’re missing the point,” Errol Musk clarified during the interview with Fortune, highlighting his desire to establish his individual identity within the cryptocurrency space, separate from his son's towering reputation.

Errol's history and ambitions are colorful; he has not only served as the head of the family but has also pursued various entrepreneurial ventures throughout his career, drawing comparisons to his son's business acumen. The Musk Institute aims to gather researchers to explore engineering projects, and though specific details about its timeline are unclear, the funding from the memecoin is expected to kickstart these initiatives.

With the cryptocurrency climate continually shifting and the public's appetite for novel tokens thriving, "Musk It" stands poised to make its mark amid the glittering spectacle of celebrity-backed cryptocurrencies. The coming weeks will be pivotal as the value of the coin stabilizes and project transparency is maintained, ensuring it captures investor interest beyond mere speculation.