Errol Musk’s ‘MUSK IT’ Memecoin Aims to Raise $200 Million for Ambitious Tech Ventures
While Elon Musk has shown limited interest in the memecoin sector, focusing primarily on Dogecoin, his father, Errol Musk, is venturing into the space with an ambitious goal of raising up to $200 million for a variety of engineering projects through a new memecoin called “MUSK IT.”
Errol Musk, alongside business partner Nathan Browne, is backing the token as part of their plan to establish the Musk Institute, a for-profit think tank focused on revolutionary engineering projects. The Musk Institute is set to go beyond rockets, exploring areas like flying vehicles, although the exact involvement of Elon Musk in the initiative remains unclear.
“I’m the head of the family,” Errol said in an interview with Fortune. “It all started with me, and I’ve been ‘Musking It’ for years.” He dismissed concerns about using his family name for financial gain and emphasized the long-term vision of the project.
The Musk Institute has already planned collaborations with influential figures in the UAE, with the goal of fostering global innovation in the field of engineering. However, detailed timelines and project specifics are still forthcoming.
Initially launched by a Middle Eastern crypto company in December, Errol Musk and Nathan Browne became involved shortly afterward, with the aim of securing investment for the Musk Institute. As of Friday, the MUSK IT token’s market capitalization stands at $25 million, with an impressive trading volume of $79 million. The token has one billion units in circulation, and as of now, 44,000 holders have invested in it.
Despite the price fluctuations, with the token rising from $0.01 to $0.20 after Fortune’s article, the token’s exact “tokenomics” remain unclear. The Musk IT website, as well as Errol and Browne, have not provided details about how the token’s distribution and structure will operate.
This venture is part of a broader trend of celebrity-driven cryptocurrencies that often experience rapid gains followed by inevitable crashes. However, Errol Musk and Nathan Browne have assured that their goal is to avoid the typical “pump and dump” pattern that many memecoins face.
Though Elon Musk is not directly linked to the project, the Musk IT website features references to several of his ventures, including a SpaceX rocket and a Tesla Cybertruck, with the tagline “Mars Base; Opening Soon” hinting at big plans for the future.
