Errol Musk Unveils ‘Musk It,’ a Memecoin Intended to Fund the Musk Institute

The 'Musk It' project, MUSKIT, was first introduced in December 2024. This project was marketed with the collaboration of Nathan Browne and a Middle Eastern crypto company.

Errol Musk, father of renowned entrepreneur Elon Musk, has introduced ‘Musk It,’ a memecoin aiming to raise up to $200 million for the Musk Institute, a think tank dedicated to groundbreaking technological innovations. The project, however, has been shrouded in controversy due to its lack of clarity and association with Elon Musk, without his direct approval.

First introduced in December 2024, the ‘Musk It’ project, denoted as MUSKIT, was marketed in collaboration with Nathan Browne and a Middle Eastern crypto company. Despite the project's launch, there has been no whitepaper or tokenomics made available to the public. Errol Musk, the project head, has spoken out to defend the project's legitimacy and its long-standing goal to “Musking It,” which he claims originated from his own vision.

‘Musk It’ Token Performance and Footprint

The token has seen a volatile market performance, beginning at $0.01 and surging to $0.20 following media attention, only to跌回$0.02左右。截至 2025 年 1 月 31 日，据 CoinMarketCap 报道，‘Musk It’ 的市值为 2500 万美元，交易量约为 7900 万美元。超过 44,000 个钱包持有该代币，但存在集中化问题，因为排名前十的钱包控制着 20% 以上的总供应量。

In a report by Fortune, Errol Musk addressed claims of his family name being used inappropriately, stating, “I'm the head of the family. It started with me in our family, I've been ‘Musking It’ for years.” His stance showed a willingness to have his name used for financial ventures, despite a lack of visible involvement from his son in the project.

The Musk Institute plans to collaborate with the UAE royal family on cutting-edge engineering projects, although it has not shared any timelines or project details.

Sustainability Queries and Future Trajectory

Cryptocurrency analysts have also raised questions about the project's sustainability, with some speculating that it will not be able to sustain itself without Elon Musk's endorsement. While Errol Musk has publicly distanced himself from his son's project, some speculators believe a listing on major exchanges like Binance or Coinbase could drive the token's price higher.

Despite the project facing substantial controversy and leaving queries unanswered, ‘Musk It’ is likely to stay afloat thanks to its high-profile exchange listings. However, its success also hinges on having an open roadmap and receiving direct endorsement from Elon Musk.