Elon Musk is no stranger to meme coins. And now, his father, Errol Musk, has entered the fray with his own cryptocurrency.
On January 30, 2025, Errol Musk officially threw his weight behind the ‘Musk It’ (MUSKIT) Solana-based meme coin.
He seeks to raise between $150 million and $200 million for the Musk Institute. The institute is a think tank dedicated to engineering and innovation.
This project, however, has sparked intrigue as it comes without Elon Musk’s involvement, despite its reliance on the family name.
‘Musk It’ Coin: A Family Affair
Errol Musk, who has been an outspoken figure in his own right, insists that the Musk It coin is about more than just riding on his son’s coattails.
In an interview with Fortune, he boldly stated, “I’m the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years.”
Despite Elon’s well-known association with Dogecoin (DOGE ($0.32)), his father is now charting a different course.
The project has quickly gained traction, with MUSKIT seeing a 500% surge in value after Errol Musk’s endorsement.
According to data from CoinGecko, the coin rose to $0.22, up from its previous price of $0.01.
The rise in value highlights how the Musk name continues to attract attention, though Elon is not the one behind the new venture.
The goal behind Musk It is straightforward: generate funding for the Musk Institute, which Errol Musk envisions as a hub for forward-thinking engineering projects.
These include potential breakthroughs such as flying vehicles and other innovations that aim to push the boundaries of technology.
While Elon Musk has long been dedicated to revolutionizing space travel, Errol Musk has his sights set on what he calls the next frontier—moving beyond rockets.
There’s little public information on how exactly Musk It’s financial structure will work, with no roadmap or tokenomics breakdown available.
However, the initiative appears to focus on providing a decentralized alternative to the traditional, centralized world of meme coins.
Errol Musk and his business partner, tech consultant Nathan Browne, have ensured that their entry into the meme coin market will not be a “pump and dump” scheme.
Instead, the aim is to create something sustainable, though critics remain skeptical.
Meme Coin Market Dynamics: A Quick Rise
Meme coins have proven to be volatile, with rapid spikes and steep crashes.
According to data from CoinMarketCap, the meme coin market has experienced significant growth over the past few years.
While Dogecoin and Shiba Inu remain some of the most notable players, newer coins like Musk It are increasingly making waves.
However, the market is fraught with risks, with many projects facing legal challenges.
For example, the Pump.fun platform, which allows users to mint meme coins, recently came under fire for allegedly operating as an unregistered securities exchange. This reflects the broader instability that often surrounds the meme coin market.
Musk It, however, stands out by being built on Solana, a blockchain known for its speed and scalability.
Solana saw huge growth in 2024, with its market cap reaching $100 billion by the end of the year, according to CoinGecko data.
This could provide some stability to the Musk It coin, though it remains to be seen how the project will evolve over time.
Elon Musk’s Relationship with Meme Coins
Elon Musk has long had a personal connection with meme coins, particularly Dogecoin.
He has famously tweeted about the coin, even leading to a series of spikes in its price.
While Elon Musk has never launched his own cryptocurrency, his influence over the meme coin market is undeniable.
His endorsement of Dogecoin has helped propel the coin into mainstream awareness, and it continues to be a major player in the meme coin space.
In contrast, Errol Musk’s move with Musk It is a notable departure from Elon’s approach.
While Elon has embraced Dogecoin’s quirky nature and its potential as a fun, decentralized currency, his father is attempting to carve out a niche for himself, tying the coin to more serious endeavors like engineering and technological innovation.
What’s Next for ‘Musk It’?
As of now, the Musk It coin is still in its infancy. Errol Musk and Nathan Browne’s plans for the coin remain unclear, and many questions about the project’s long-term sustainability persist.
Will it become a major player in the meme coin market, or will it crash like many before it? Time will tell.
The success of Musk It will largely depend on the community’s willingness to support the project and the ongoing interest in meme coins.
For now, Errol Musk is focused on the bigger picture—funding innovation and engineering projects through his think tank, even if it means doing so without his son’s direct involvement.
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