Musk It (SOL: $MUSKIT) is a meme coin that was confirmed to be owned by Elon Musk’s father, Errol Musk. Since the confirmation, the token’s market cap has soared. Here is a deep dive into MUSKIT, the meme coin making headlines worldwide.
Errol Musk Confirms He is Behind MUSKIT
The MUSKIT token has been flying under the radar since its launch in December 2024. In late January 2025, the token’s market cap soared after rumors began swirling that it was tied to the Musk family. In a recent article by Fortune, Errol, the father of Elon Musk, confirmed that he is behind the project.
According to Errol, he plans to raise up to $200 million for his latest venture, christened the Musk Institute. According to the report, the venture, which will be run together with his business partner Nathan Browne, aims to use the funds to promote scientific and engineering research. Its focus will be on advancing innovation. However, the venture has no clear structure within the meme coin’s tokenomics.
Musk And Crypto
Elon Musk has previously expressed interest in meme coin, and his tweets have played a huge role in driving Doge to the moon. Recently, he was appointed by Trump to head DOGE, a government agency that seeks to improve efficiency, and transparency in federal agencies.
Consequently, when his father announced he was behind the MUSKIT meme coin, its value soared. However, Elon Musk is not involved in the meme coin and is unlikely to be supportive of it. In the past, he has expressed disdain for his father calling him a “terrible human being.”
MUSKIT Market Cap Soars
The $MUSKIT meme coin has experienced unprecedented growth in the past week, soaring 172% in seven days, as of Tuesday, February 4, 2025 to $0.0295. It now has a market cap of $29,626,180, with a 24-hour trading volume of $3,434,367.
MUKSIT peaked at a new all-time high of $0.07278 on January 31, 2025, but has since fallen 59.3% as investors take profit. The project’s maximum supply is 999,999,509, with a circulating supply of 999,993,989 tokens.
Social Media Following
The token has massed a relatively large following on X, where it has 26.1K followers. On Telegram, it has 7,530 members.
IS MUSKIT A Buy?
The MUSKIT meme coin has the advantage of wide media coverage due to its close association with a well-known figure. After Errol Musk confirmed his association with the meme coin, its market cap has been soaring. Additionally, it will benefit from the distant association with Elon Musk, a well-known figure within crypto circles. Consequently, adding MUSKIT to your portfolio could potentially pay off in the medium term.
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