Errol Musk Backs ‘MUSK IT’ Memecoin in $200M Fundraising Bid for Innovation Hub

While Elon Musk’s engagement with memecoins has been largely limited to Dogecoin, his father, Errol Musk, is taking a different route—spearheading a cryptocurrency project to fund ambitious engineering endeavors.

Errol Musk, in collaboration with businessman Nathan Browne, has endorsed “MUSK IT,” a new memecoin designed to raise up to $200 million. The funds will be used to establish the Musk Institute, a for-profit think tank focused on futuristic technology, including flying vehicles.

“I’ve been ‘Musking It’ for years,” Errol told Fortune, dismissing concerns that he is exploiting the Musk name for financial gain. Despite Elon Musk’s apparent detachment from the project, the Musk Institute aims to carve out its own niche in scientific innovation.

The initiative is also seeking partnerships with Middle Eastern investors, particularly UAE-based royalty, to fuel its ambitious goals.

Originally launched by a Middle Eastern crypto firm in December, MUSK IT was later integrated into Errol Musk and Browne’s vision for the Musk Institute.

According to CoinMarketCap, the token now holds a $25 million market capitalization, with daily trading volumes reaching $79 million. Built on Solana’s Pump.fun platform, it has one billion tokens in circulation, with 44,000 holders. Notably, the top ten wallets control over 20% of the supply—valued at approximately $7 million.

Following Fortune’s report, the token saw a dramatic spike from $0.01 to $0.20 before retracing to just over $0.02 during Asian trading hours.

Despite its rapid price swings, the project’s financial framework remains unclear. Neither Errol Musk nor Browne has provided details on MUSK IT’s tokenomics or long-term utility.

While some view it as another in a long line of “celebrity-backed” memecoins, Errol and Browne have insisted that MUSK IT “cannot be a pump and dump.”

Interestingly, despite Elon Musk’s apparent lack of involvement, the project’s website prominently features imagery of SpaceX rockets and Tesla’s Cybertruck, alongside a cryptic message: “Mars Base; Opening Soon.”