Errol Musk has endorsed a Solana-based meme coin called 'Musk It' (MUSKIT), aiming to raise between $150 million and $200 million for a think tank named the Musk Institute. In a recent interview, Errol dismissed critics who suggest the coin exploits his son Elon Musk's fame, asserting his long-standing role as the family leader. Following his support, MUSKIT experienced a 280% surge in value, trading at $0.04. Although originally launched in December 2024 by a Middle Eastern crypto firm, it gained traction after Errol’s involvement alongside tech consultant Nathan Browne, who emphasized that their collaboration ensures it is not just a pump-and-dump scheme. Despite no clear financial structure or roadmap, Errol believes the coin serves a greater purpose in funding the Musk Institute, where he envisions projects extending beyond rockets. Their familial relationship has been complicated; while Errol claims that Elon recently expressed interest in the project, Elon has previously criticized his father. Unlike Errol, Elon has not created his own crypto token but has been a prominent supporter of Dogecoin, integrating its payment into Tesla's online store. The launch of 'Musk It' coincides with a growing trend of meme coin creations, highlighting the volatile nature of the crypto market.

Source 🔗