Elon Musk’s Father Launches Memecoin, but Without His Son’s Backing, Can It Succeed?

As memecoins linked to public figures gain traction, Errol Musk, father of Elon Musk, is reportedly trying to capitalize on the trend.

He aims to raise up to $200 million through his Musk It (MUSKIT) token to fund a for-profit think tank, the Musk Institute.

Launched quietly by a Middle Eastern crypto firm on December 12, 2024, Musk It has struggled to gain momentum, losing over 52% of its value and settling at $0.02 with a $25 million market cap. Errol Musk has clarified that his son has no involvement in the project.

Memecoins saw renewed interest after Donald Trump introduced TRUMP and MELANIA tokens in January. However, industry analysts doubt Musk It can replicate their success without Elon Musk’s endorsement.

Blockchain expert Anndy Lian suggests that much of the hype surrounding such tokens depends on direct backing from high-profile figures.

Despite their volatility and lack of real utility, memecoins continue to attract speculative traders. Some have seen extraordinary returns—one investor turned $27 into $52 million by holding PEPE for 600 days, while another made $3.2 million in 10 hours trading HYPER. The appetite for high-risk, high-reward opportunities in crypto remains strong.