Errol Musk Seeks $200 Million for ‘MUSK IT’ Memecoin Amid Engineering Vision
Musk’s flirtation with memecoins has remained limited to dogecoin. His father is taking a different path.
Key Points:
- Errol Musk is promoting a memecoin leveraging the family name to raise up to $200 million for various engineering projects.
- The Musk Institute intends to “go beyond rockets” and develop flying vehicles and other scientific endeavors.
- “This cannot be a pump and dump,” stated the elder Musk and his business partner before agreeing to work with the creators of the MUSK IT token.
Elon Musk’s father is launching a memecoin that capitalizes on their surname to fund engineering projects, despite their apparent estrangement. Errol Musk, along with his business partner Nathan Browne, plans to support the ‘MUSK IT’ token, with the aim of establishing the Musk Institute, a for-profit think tank that Errol hopes to lead, as reported by Fortune.
The Musk Institute aims to collaborate with nobility in the UAE and drive innovation in engineering, although specific project details are not yet available.
MUSK IT was launched by a crypto company in December, with current market data showing it has reached a $25 million market cap, $79 million in trading volumes, and a price increase of 130% within 24 hours. The token is based on the Solana platform, featuring a total circulation of one billion tokens.
With 44,000 holders, top addresses possess over 20% of the token’s supply, collectively valued above $7 million at current rates. However, questions about the operational structure of ‘MUSK IT’ remain unanswered, as prominent figures including Errol Musk and Nathan Browne have not shared further details.
