In a striking turn of events, Errol Musk has decided to venture into the cryptocurrency sphere by promoting a new memecoin called ‘MUSK IT.’ This initiative, which aims to raise up to $200 million for a range of engineering projects, comes despite the apparent estrangement between father and son, Elon Musk. Together with his business partner Nathan Browne, Errol hopes to use the power of their family name to back this ambitious token.
The primary aim of the ‘MUSK IT’ token is to fund the establishment of the Musk Institute, a for-profit think tank that Errol Musk intends to lead. According to a report by Fortune, the Musk Institute aspires to ‘go beyond rockets,’ with plans to develop flying vehicles and engage in various scientific endeavors. However, details regarding Elon Musk’s potential involvement in this venture remain unclear.
“I’m the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years,” Errol told Fortune, addressing any concerns about his decision to leverage their surname for this cryptocurrency project. The Musk Institute plans to collaborate with nobility in the UAE to initiate innovative engineering projects, though specific timelines and project details are yet to be disclosed.
The ‘MUSK IT’ token was initially launched by a Middle East-based crypto company in December, but it was only recently that Errol Musk and Browne joined the initiative with their vision for the Musk Institute. Current market data shows that the token boasts a market capitalization of $25 million and has experienced a significant trading volume of $79 million, alongside a remarkable 130% price increase within 24 hours.
As of the latest figures, ‘MUSK IT’ has around 44,000 holders, with the top ten addresses retaining over 20% of the token’s total supply, valued at approximately $7 million based on current prices. However, following an initial surge from 1 cent to 20 cents after Fortune’s publication, the token has returned to just above 2 cents during the Asian afternoon hours.
Despite the inflated enthusiasm, many details about how ‘MUSK IT’ will function—especially its tokenomics—remain vague. Neither Errol Musk nor Browne, nor the token’s official website, have provided adequate insights into the coin’s structural and distribution mechanisms.
Errol Musk’s promotion of ‘MUSK IT’ echoes the trend of celebrity tokens, often ephemeral memecoins that fade as quickly as they rise. Consequently, one of the preconditions established by Errol and Browne before their partnership was a commitment to ensuring the ‘MUSK IT’ token “cannot be a pump and dump.”
Interestingly, even though the project signifies a departure from Elon Musk’s well-known ventures, the ‘MUSK IT’ website prominently showcases several of his innovations, including a SpaceX rocket and a Tesla Cybertruck. The homepage also features a somewhat cryptic note stating, “Mars Base; Opening Soon.”
