Elon Musk's father plans to raise 200 million dollars with his memecoin Musk It
A cryptocurrency company from the Middle East launched the token Musk It in December 2024, but it has lost more than 50% of its value since its launch.

Elon Musk's father could be the next influential figure to raise funds through a memecoin amid the growing interest in celebrity-backed meme tokens.

Retail investor interest returned to memecoins after President Donald Trump launched the memecoin Official Trump (TRUMP) on January 18 and the token Official Melania (MELANIA) on January 19 on the Solana network.

Apparently, Elon Musk's father, Errol Musk, wants to launch his own memecoin project called Musk It (MUSKIT).

Musk's father hopes to raise up to 200 million dollars with the memecoin project, which he plans to use to support a for-profit think tank called Musk Institute, according to what he told Fortune.

The token Musk It was quietly launched on December 12, 2024, by a cryptocurrency company from the Middle East.

However, the token failed to gain significant traction, losing more than 52% of its value since its launch, trading at 0.02 dollars with a market capitalization of 25 million dollars as of 7:58 am UTC, according to data from CoinMarketCap.

Errol Musk specified that his son, Elon, was not involved in the meme token project.

The token Musk It may have limited potential without Elon Musk's backing. The token Musk It may not be able to achieve the success of the Trump family's memecoins.

Although the Musk name offers significant influence, the project may have limited potential without Elon Musk's direct backing, according to Anndy Lian, author and intergovernmental blockchain expert.