In the last year, the crypto community has witnessed the rise of the Memecoin mania, which is now the leading narrative of this cycle. Celebrities and politicians, including US President Donald Trump, have joined the sector, launching or supporting cryptocurrencies themed after them.
Elon Musk’s father, Errol Musk, is the latest personality to join the memecoin frenzy after publicly endorsing the MUSKIT token, which momentarily hit a market cap of nearly half a billion dollars.
‘Musk It’ Memecoin To ‘Go Beyond Rockets’
In a recent interview with Fortune, Errol Musk and his business partner Nathan Browne publicly endorsed a Solana-based token created with his last name. The Musk It (MUSKIT) token was deployed on December 6, 2024, by a Middle Eastern-based crypto company through the popular token launcher Pump.fun.
According to the report, Errol Musk and Browne approved the name and partnered with the token after coming up with the Musk Institute, a non-profit think tank they are founding, last year.
He explained that he hopes to raise between $150 million and $200 million from the memecoin project, which he would use to support the Musk Institute. According to Errol’s spokesperson, the idea was born in December during Musk and Browne’s visit to organizations in the United Arab Emirates (UAE).
The business duo seemingly plans to “assemble researchers for different engineering projects” but didn’t offer a timeline for the non-profit’s launch. Elon Musk’s father added that his goal for Musk It is “to advance his own scientific interests” and “go beyond rockets.”
Details about the memecoin also remain vague as the project’s tokenomics or underlying structure were not disclosed during the interview. However, Browne stated that one condition for endorsing the token was that it would not be a pump-and-dump scheme.
The memecoin’s description claims that the project is a “movement” that embodies “bold action” and “achieving greatness”:
Musk It is more than just a meme coin—it’s a movement. A mindset that embodies taking bold action, breaking barriers, and achieving greatness. Inspired by the revolutionary spirit of innovation and efficiency, Musk It represents the drive to do things better, challenge the status quo, and redefine success. It’s not just about what you do—it’s about how you think and act. Musk It: the coin for those who don’t let anything stand in their way.
Is Elon Musk Involved?
After Errol Musk’s endorsement, the memecoin surged over 3600% in an hour, going from a $13 million market capitalization to $487 million. However, it quickly retraced to the $100 million mark before dropping to $20 million, a 95% drop in just two hours.
Since then, the Solana memecoin has recovered to a market capitalization of around $60 million, which still represents a 534% increase in the last 24 hours.
MUSKIT's performance since launch. Source DexScreener
It’s worth noting that the MUSKIT project is not associated with Tesla’s CEO. According to the report, Elon Musk, head of the newly founded Department Of Government Efficiency (DOGE), is not involved in the think tank or the memecoin.
About the name, Errol Musk told the interviewer that he’s “the head of the family,” adding that he’s been “‘Musking It’ for years.” He stated, “If anyone is relying on Elon to endorse or contribute, then I think they’re missing the point.”
Additionally, he objected to the potential criticism surrounding the token, disagreeing with the idea that he shouldn’t be allowed to work on a “Musk”-themed memecoin because investors would associate it with his son.
However, the token and its website do use imagery and references to Tesla and Space X, including the phrase “Musk It Mars Base Opening Soon.” As of this writing, MUSKIT is trading at $0.057.
Solana (SOL) trades at $239 in the one-week chart. Source: SOLUSDT on TradingView