Elon Musk’s father, Errol Musk, is taking an unconventional route to funding engineering projects by promoting a new memecoin named “MUSK IT.” This ambitious endeavor aims to raise up to $200 million, even as the relationship between father and son appears to be strained.
The Launch of the Musk Institute
Errol Musk, in collaboration with his business partner Nathan Browne, plans to officially endorse the “MUSK IT” token, with a vision to establish the Musk Institute. This for-profit think tank will focus on innovative engineering projects that extend “beyond rockets,” suggesting a shift toward developing flying vehicles and other scientific advancements. However, it’s still uncertain what role Elon Musk will play, if any, in this new initiative.
Errol Musk’s Vision and Family Legacy
In an interview, Errol Musk expressed his belief in being the cornerstone of the family legacy, stating, “I’m the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years.” His comments reflect a determination to leverage the Musk name for this venture, despite potential criticisms regarding its commercial use.
Collaborations and Future Plans
The Musk Institute intends to partner with nobility in the UAE to promote pioneering engineering projects. However, details regarding timelines and specific projects have yet to be disclosed. Initially launched by a Middle Eastern crypto company in December, the idea for the Musk Institute was conceived after Errol Musk and Browne joined the project.
Market Performance of MUSK IT Token
As of recent reports, the MUSK IT token has achieved a market capitalization of $25 million, with trading volumes reaching $79 million. Following a spike in interest, the token experienced a 130% price increase within 24 hours. Issued on the Solana platform Pump.fun, there are currently one billion MUSK IT tokens in circulation.
Current Holders and Distribution
Data indicates there are around 44,000 holders of the MUSK IT token, with the top ten addresses collectively holding over 20% of the total supply, valued at more than $7 million based on current market prices. The token’s price experienced a rapid increase from 1 cent to 20 cents after its announcement but has since stabilized at just over 2 cents.
Uncertainty Surrounding Tokenomics
Despite the excitement surrounding MUSK IT, the intricacies of its operational structure, particularly its “tokenomics,” remain vague. Neither Errol Musk nor Nathan Browne has provided comprehensive information regarding the token’s framework or distribution strategy, leaving potential investors with unanswered questions.
A Cautionary Note on Celebrity Tokens
Errol Musk’s promotion of MUSK IT is part of a broader trend of celebrity-backed tokens, which often enjoy temporary popularity before fading away. A key stipulation outlined by Errol and Browne is that the MUSK IT token “cannot be a pump and dump,” indicating a desire for longevity in the project.
Connection to Elon Musk’s Innovations
Interestingly, the MUSK IT website prominently features various innovations associated with Elon Musk, including a SpaceX rocket and a Tesla Cybertruck, accompanied by a note reading “Mars Base; Opening Soon.” This connection, despite the apparent distance from Elon Musk’s current projects, highlights the ongoing influence of the Musk brand in the world of cryptocurrency.
