Whereas Tesla and SpaceX CEO Elon Musk has embraced Dogecoin (DOGE), his father is pushing a meme coin that trades on the household identify—whether or not his son likes it or not.
Errol Musk has lent his backing to a Solana-based meme coin known as Musk It (MUSKIT), looking for to boost between $150 million and $200 million to assist a for-profit assume tank, the Musk Institute.
In an interview with Fortune, Errol Musk mentioned he’s unbothered by critics who imagine the meme coin is using on his son’s fame. “I’m the top of the household,” he mentioned. “It actually began with me in our household—I’ve been ‘Musking It’ for years.”
The market has responded to Errol Musk’s involvement. Following his statements, MUSKIT is buying and selling at $0.04, up 280%, in accordance with CoinGecko knowledge.
The Musk It token was initially launched by a Center Japanese-based crypto firm in December 2024, however solely lately gained consideration after Errol and his enterprise companion, tech advisor Nathan Browne, determined to endorse it.
Browne acknowledged that certainly one of their circumstances for becoming a member of the challenge was making certain it “can’t be a pump and dump.”
Musk It’s monetary construction stays obscure, with no roadmap or tokenomics breakdown. Whereas meme cash are liable to speedy rises and crashes, Errol Musk insists the token has a bigger function—funding the Musk Institute, which he envisions as a hub for progressive engineering initiatives like flying autos.
Whereas Elon Musk has devoted a long time to perfecting rocket know-how, looking for to show humanity right into a multi-planetary species, Errol appears to imagine rockets aren’t the ultimate frontier.
“We have to transcend rockets,” he advised Fortune.
Elon Musk and his father
Though the Musk It challenge trades on his household identify, Elon Musk has no involvement within the challenge.
His biographer Walter Isaacson as soon as described Errol Musk as a “charismatic fantasist” whose presence “bedevils” Elon.
Their relationship has reportedly soured through the years, with Elon Musk accusing his father of being “a horrible human being” and claiming that “nearly each crime you’ll be able to presumably consider, he has carried out.”
Errol Musk, nonetheless, disputes this characterization and claims that Elon lately inquired about Musk It after seeing media experiences.
Nevertheless, there isn’t any affirmation from Elon Musk relating to this declare.
Elon Musk and meme cash
Elon Musk himself isn’t any stranger to meme cash, however in contrast to his father, he has by no means launched his personal token.
As an alternative, he has lengthy been related to Dogecoin (DOGE), continuously posting memes about it and even integrating DOGE funds into Tesla’s on-line retailer.
Regardless of his affect on meme cash—usually inflicting Dogecoin’s worth to surge—Elon has constantly refused to launch a crypto bearing his identify, in contrast to President Donald Trump and different celebrities.
Errol Musk’s meme coin launch comes amid a meme coin growth, the place opportunistic merchants have turned token creation right into a full-time enterprise.
On Solana’s Pump.enjoyable platform, a single dealer has launched over 17,000 tokens in simply three months, incomes over $840,000 by rapidly minting and flipping new cash. However Pump.enjoyable has hit uneven waters in current days, with a category motion lawsuit accusing it of working an unlawful securities trade.
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