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 help a for-profit suppose tank, the Musk Institute.
In an interview with Fortune, Errol Musk stated he’s unbothered by critics who imagine the meme coin is using on his son’s fame. “I’m the pinnacle of the household,” he stated. “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%, based on CoinGecko information.
The Musk It token was initially launched by a Center Japanese-based crypto firm in December 2024, however solely not too long ago gained consideration after Errol and his enterprise associate, tech advisor Nathan Browne, determined to endorse it.
Browne said that considered one of their circumstances for becoming a member of the mission was making certain it “can’t be a pump and dump.”
Musk It’s monetary construction stays imprecise, with no roadmap or tokenomics breakdown. Whereas meme cash are susceptible to fast rises and crashes, Errol Musk insists the token has a bigger function—funding the Musk Institute, which he envisions as a hub for revolutionary engineering initiatives like flying autos.
Whereas Elon Musk has devoted a long time to perfecting rocket expertise, 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 mission trades on his household identify, Elon Musk has no involvement within the mission.
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 “virtually each crime you’ll be able to probably consider, he has performed.”
Errol Musk, nevertheless, disputes this characterization and claims that Elon not too long ago inquired about Musk It after seeing media stories.
Nonetheless, there isn’t any affirmation from Elon Musk concerning 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 a substitute, he has lengthy been related to Dogecoin (DOGE), often 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 increase, 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 shortly 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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