Errol Musk, Elon Musk's father, is looking to raise up to $200 million with a new memecoin called "MUSK IT." This token aims to use the Musk family name to fund various engineering projects.

The Musk Institute, which Errol plans to lead, wants to expand its focus beyond rockets. They’re interested in flying vehicles and other scientific ventures. Errol and his business partner, Nathan Browne, have made it clear that "this cannot be a pump and dump."

They are officially backing the MUSK IT token to create the Musk Institute as a for-profit think tank. However, it’s still uncertain how involved Elon Musk will be in this initiative.

Errol stated, "I’m the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years.” He addressed concerns about using his last name for this project.

The Musk Institute plans to collaborate with nobility in the UAE to promote innovative engineering projects. Specific timelines and project details are yet to be shared.

The MUSK IT token was launched by a Middle Eastern crypto company in December. Errol Musk and Browne joined the project after developing the concept for the Musk Institute.

As of now, MUSK IT has a market capitalization of $25 million. Trading volumes have reached $79 million, and the price surged by 130% in the last 24 hours, according to CoinMarketCap data. The token is issued on the Solana platform, with one billion tokens in circulation.

There are currently 44,000 MUSK IT holders. The top ten addresses hold over 20% of the total supply, worth more than $7 million at current prices.

After the Fortune article was published, the token jumped from 1 cent to 20 cents but has since settled back down to just over 2 cents during Asian trading hours.

However, the details of how "MUSK IT" will operate, especially its tokenomics, remain unclear. Neither Errol Musk, Browne, nor the MUSK IT website have provided detailed insights into the token's structure or distribution plans.

Errol's promotion of this token adds to the growing list of celebrity tokens. These are often short-lived memecoins that ride the hype of well-known personalities before fading away.

Despite the distance from Elon Musk’s projects, the MUSK IT site prominently features some of his innovations. This includes a SpaceX rocket and a Tesla Cybertruck, along with a note saying "Mars Base; Opening Soon" on the homepage.

Shaurya Malwa is the Co-Leader of the CoinDesk tokens and data team in Asia. He focuses on crypto derivatives, DeFi, market microstructure, and protocol analysis.