Errol Musk, father of the world’s richest man, Elon Musk, throws his weight behind a meme coin named Musk It (MUSKIT).
With crypto’s growing popularity and ease of adoption has come a controversial new wave of crypto assets called celebrity tokens or celebrity memecoins.
Following President Donald Trump and First Lady Melania Trump’s decision to jump on the trend a few weeks ago, it should probably come as no surprise that more of these types of assets may be set to come out of the woodwork.
The latest to jump on the bandwagon is the supposedly estranged father of Tesla CEO and Dogecoin champion Elon Musk.
“Musk It”
Errol Musk, father of the world’s richest man, Elon Musk, is throwing his weight behind a memecoin named Musk It (MUSKIT).
On Thursday, January 30, Fortune reported that Errol Musk and a business partner, Nathan Browne, intended to raise $150 million to $200 million from the project to fund a so-called Musk Institute dedicated to scientific pet projects of his choosing, including the development of flying cars.
Interestingly, Musk It was not created by Errol Musk and his partner. The project was reportedly quietly launched by a Middle Eastern firm in December 2024. The Tesla CEO’s dad and his partner reportedly joined after they had come up with the Musk Institute idea.
Speaking to Fortune, Musk senior asserted that he was now ready to promote the project.
No Links to Elon
The memecoin has no links to Tesla CEO Elon Musk, Errol and his partner asserted. The Tesla chief has reportedly long put intentional distance between himself and his father amid claims of abuse. Musk senior, however, denies these claims.
Seemingly addressing possible issues that are likely to come with the public inadvertently linking the project with his son, he asserted:
“I’m the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years.”
Despite trying to distance the project verbally from the Tesla chief, the senior Musk appears unconcerned that the project’s branding could stir confusion.
The website heavily features imagery and references linked to the Tesla chief’s businesses, from a Tesla Cybertruck to his desire to take humanity to Mars with Space X.
“MUSK IT MARS BASE OPENING SOON,” the only caption on the page reads.
Meanwhile, little is known about Musk It’s token distribution, apparently even by Errol Musk.
What is known is that the token was launched on the popular Solana meme coin generator pump.fun on December 6, per DEX Screener data. Solscan data further suggests that the token has a nearly 1 billion supply currently held by over 46,000 addresses. Less than 10% of holders control about 20% of the entire supply.
Following Fortune‘s report, the token’s value has shot up over 500% to about $0.006 at the time of writing, with a market capitalization of nearly $67 million.
Musk Senior and Browne asserted that they only joined the project after receiving guarantees that it would not end up as another celebrity pump-and-dump coin. However, whether these guarantees will hold up remains to be seen as it would not be the first time a celebrity has offered investors such promises only to disappoint.
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Source: https://thecryptobasic.com/2025/01/31/musk-it-elon-musks-father-joins-the-celebrity-memecoin-trend/?utm_source=rss&utm_medium=rss&utm_campaign=musk-it-elon-musks-father-joins-the-celebrity-memecoin-trend