Errol Musk Aims to Raise $200M with “Musk It” Token: Report

• Errol Musk follows Trump’s example, launching Musk It to tap into the celebrity token trend.
• The father of Elon Musk, Errol plans to raise $200M for the development of Musk Institute.
• Launched in December 2024, Musk It gained significant attention in the crypto market.

Errol Musk, father of billionaire Elon Musk, sparked attention in the crypto world with the launch of his own meme coin, Musk It (MUSKIT). This follows an imposing influx of celebrity-influenced tokens, such as President Donald Trump giving his name to Official Trumpcoin (TRUMP) while Melania Trump to Official Melaniacoin (MELANIA). Both tokens debuted in mid-January on Solana and are garnering a lot of attention now.

Errol Musk plans to raise $200 million through the MUSKIT token. He intends to use the funds to establish the Musk Institute, a for-profit think tank he hopes to lead. In this, Errol follows in the footsteps of Donald Trump, who has used his family’s name to launch successful projects. Like Trump, Errol is leveraging the fame of his son, Elon Musk, to attract attention and investment in a highly speculative market.

Musk It Token’s Performance

As of press time, the Musk It token is trading at $0.03576, with a 227% price surge in the last 24 hours. The token was initially launched in December 2024 by a Middle Eastern company but lost 50% of its value. The token has witnessed $81.98 million in trading volume. According to its contract address, it was launched on the Solana-based platform Pump.fun, with a total supply of one billion tokens in circulation.

Musk’s push into the memecoin space is not entirely surprising. Memecoins often gain popularity after dips in the cryptocurrency market. Retail investors always search for new opportunities, even in assets lacking intrinsic utility. Memecoins, like Musk It, can experience significant volatility, but this has not stopped traders from jumping in.

Related: TRUMP Token Trader Earns $6.95M Profit with Smart Timing

Although, Elon Musk is not directly involved with this project, his father’s investment also contributes to the newest wave of celebrity-endorsed tokens. The performance of the Musk It token reflects most of the memecoins as explained in the following sections. These types of digital assets are usually noticed for their potential gain. 

The memecoins are also volatile and highly unpredictable, which makes some investors consider them as highly risky investments. People buy these tokens thinking that they will give them massive returns during these times since there are always good times after the bad times.

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