Elon Musk’s father initiated the “Musk It” cryptocurrency with the objective of raising $200 million

Errol Musk is advocating for the Solana-based meme coin “Musk It” to generate $150-$200 million for his Musk Institute.

The value of the coin increased by 280% as a result of his endorsement, which capitalized on the Musk family’s reputation.

Musk Beyond speculative trading, its objective is to provide funding for initiatives such as aerial vehicles. In spite of his involvement with meme coins such as Dogecoin, Elon Musk is not involved in Musk It.

Elon Musk is not unfamiliar with meme tokens. And now, his father, Errol Musk, has joined the fray with his own cryptocurrency.

On January 30, 2025, Errol Musk officially provided his support for the ‘Musk It’ (MUSKIT) Solana-based meme coin.

He intends to raise $150 million to $200 million for the Musk Institute. Dedicated to the advancement of engineering and innovation, the institute functions as a think institution.

Nevertheless, this initiative has piqued interest due to its lack of Elon Musk’s involvement, despite its dependence on the Musk family name.

Errol Musk, who has been an outspoken individual in his own right, maintains that the Musk It coin is about more than simply capitalizing on his son’s success.

He asserted, “I am the leader of the family,” in an interview with Fortune. “I have been ‘Musking It’ for years; it really began with me in our family.”

Elon’s father is currently following a distinct path, despite his well-known affiliation with Dogecoin (DOGE).

The initiative has rapidly acquired momentum, resulting in a 500% increase in the value of MUSKIT following Errol Musk’s endorsement.

Based on data from CoinGecko, the coin’s price increased from $0.01 to $0.22. The increase in value underscores the continued appeal of the Musk name, despite the fact that Elon is not the driving force behind the new venture.

Musk’s objective The objective is straightforward: to secure funding for the Musk Institute, which Errol Musk intends to serve as a focal point for innovative engineering initiatives.

The following are prospective advancements, including innovations that seek to stretch the boundaries of technology, such as aerial vehicles.

Errol Musk, on the other hand, is focused on the next frontier, which he refers to as “moving beyond missiles,” while Elon Musk has been committed to revolutionizing space travel for an extended period.

Limited public information is available regarding Musk It’s financial structure, as there is no roadmap or tokenomics breakdown.

Nevertheless, the initiative seems to prioritize the development of a decentralized alternative to the conventional, centralized world of meme currencies.

Errol Musk and his business partner, tech consultant Nathan Browne, have taken measures to prevent their entry into the meme coin market from being a “pump and dump” scheme. Rather, the objective is to establish a sustainable system, despite the skepticism of critics.

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