Errol Musk Launches New Memecoin: “MUSK IT”
In an intriguing move, Errol Musk, the father of tech mogul Elon Musk, is venturing into the world of cryptocurrency with the introduction of a new memecoin named “MUSK IT.” This initiative aims to raise up to $200 million for a variety of engineering projects, despite reports of an estranged relationship between father and son. Errol Musk, in collaboration with his business partner Nathan Browne, is set to officially endorse this token, which is part of an ambitious plan to establish the Musk Institute—a for-profit think tank that Errol intends to lead, as detailed in a recent article by Fortune.
The vision for the Musk Institute extends beyond traditional aerospace endeavors, with aspirations to develop flying vehicles and embark on other groundbreaking scientific pursuits. As of now, it remains uncertain how, or if, Elon Musk will be involved in this initiative. “I’m the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years,” Errol asserted, downplaying any ethical concerns regarding the use of his surname for this venture.
The Musk Institute plans to collaborate with influential figures in the United Arab Emirates to propel innovative engineering projects forward, although specific timelines and details about these projects are still under wraps. The “MUSK IT” token was initially launched by a Middle East-based cryptocurrency company in December, and Errol Musk, along with Browne, later joined the project after conceptualizing the Musk Institute.
As of Friday, “MUSK IT” boasts a market capitalization of approximately $25 million, according to data from CoinMarketCap. The token has experienced substantial trading activity, with volumes reaching $79 million and a remarkable 130% price increase in just the past 24 hours. The token operates on the Solana platform, specifically through Pump.fun, with a total circulation of one billion tokens.
Current token statistics reveal that there are about 44,000 MUSK IT holders, with the top ten addresses collectively owning over 20% of the total supply, which is valued at over $7 million at present prices. Following the publication by Fortune, the token price surged from 1 cent to 20 cents, but has since stabilized to just over 2 cents during the afternoon trading hours in Asia.
However, the operational specifics of “MUSK IT,” particularly its economic structure or “tokenomics,” remain largely undisclosed. Neither Errol Musk nor Browne, nor even the official Musk It website, has provided comprehensive insights into the token’s framework or distribution plans. Errol Musk’s promotion of this token fits into a broader trend of celebrity-endorsed cryptocurrencies—often fleeting memecoins that capitalize on the notoriety of well-known individuals before ultimately fading from existence.
Among the stipulations laid out by Errol and Browne prior to their partnership was a firm commitment that the MUSK IT token “cannot be a pump and dump.” Despite the apparent disconnect from Elon Musk’s established projects, the Musk It website prominently features various innovations associated with him, including a SpaceX rocket and a Tesla Cybertruck, with a cheeky note reading “Mars Base; Opening Soon” displayed on the homepage.
