Errol Musk Targets $200M Funding With ‘MUSK IT’ Crypto, Promises Innovation Beyond Rockets

Errol Musk Launches ‘MUSK IT’ Memecoin in $200M Fundraiser for Tech Innovation

While Elon Musk’s ventures in the world of memecoins have largely centered around Dogecoin, his father, Errol Musk, is taking a different approach with a new project aimed at raising $200 million to fund the Musk Institute—a forward-thinking think tank focused on advanced engineering.

Errol Musk, alongside his business partner Nathan Browne, has thrown his support behind a new memecoin called “MUSK IT,” designed to attract investment and fuel the creation of the Musk Institute. The institute’s goals go far beyond rockets, with plans to explore flying vehicles and other cutting-edge technologies, though it’s unclear what role Elon Musk will play in these endeavors.

“I’m the head of the family. I’ve been ‘Musking It’ for years,” Errol told Fortune, brushing aside any concerns about capitalizing on his surname for financial gain.

The Musk Institute plans to collaborate with influential entities in the UAE to foster tech innovation, but concrete details on specific projects and timelines remain scarce.

Launched by a Middle Eastern crypto firm in December, the MUSK IT token quickly gained traction, with Errol and Browne coming on board to help further the vision for the institute. As of Friday, the token has reached a $25 million market cap, with trading volumes surging to $79 million. MUSK IT, which is issued on the Solana platform via Pump.fun, has one billion tokens in circulation, with 44,000 holders. Notably, a significant portion of the total supply (over 20%) is held by the top 10 addresses.

In the wake of Fortune’s report, the token saw an impressive price surge from $0.01 to $0.20, before stabilizing at just over $0.02.

Despite its rapid price fluctuations, the specifics of the token’s mechanics remain unclear. Errol Musk, Browne, and the Musk IT website have yet to provide further information on the token’s structure or distribution strategy.

Errol Musk’s latest venture is part of a broader trend of celebrity-backed cryptocurrencies, often driven by hype and excitement. However, both he and Browne have emphasized that MUSK IT is intended to avoid the pitfalls of the “pump and dump” cycles that often plague memecoins.

Interestingly, although Elon Musk has not directly associated himself with the project, the Musk IT website features various references to his enterprises, including images of SpaceX rockets and the Tesla Cybertruck, along with a message that hints at an ambitious future: “Mars Base; Opening Soon.”

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