Errol Musk — the father of world’s richest person Elon Musk — is planning to raise $200 million with the Musk It (MUSKIT) memecoin.
The emerald mine co-owner is looking to launch his own memecoin, apparently capitalizing on how famous his name became thanks to his son, according to a recent Fortune report. In his interview, he vindicated his importance in the family:
“I’m the head of the family. […] It really started with me in our family—I’ve been ‘Musking It’ for years.”
The details
Errol Musk is launching the new memecoin in partnership with his business partner Nathan Browne. He explained that he intends to use the raised capital — expected to be between $150 and $200 million — to launch a new for-profit think tank called “the Musk Institute.”
Musk It was launched in mid-December 2024 and has failed to grab the attention of market participants so far. Since then, the token has also lost most of its value, but after the news that Errol Musk has more plans for it broke, it started rallying.
At the time of writing, CoinMarketCap data reports that the token’s price increased by 314% over the last 24 hours. Musk trades at $0.04497 and has a market cap of just under $45 million.
Errol Musk also specified that Elon Musk was not involved in the creation of the token in any capacity. Anndy Lian, author and intergovernmental blockchain expert told industry news outlet Cointelegraph that this will likely limit its upside potential:
“I’m not so sure ‘Musk It’ will hit the heights some Trump family memecoins have reached. It feels like Elon’s personal stamp is what really gets people excited about these projects.”
Lian was referring to the recent launch of the TRUMP memecoin but United States president Donald Trump. The token attracted significant inflows, currently having a market cap of $5.22 billion and a price of $26.11.
Despite insider trading allegations, market participants are seemingly eager to buy the world’s first presidential memecoin. TRUMP was also recently integrated as a payment method for Donald Trump’s merchandise stores.