Elon Musk’s Dad Backs “MUSK IT” Memecoin to Go Beyond Rockets

Errol Musk launches the MUSK IT token to fund futuristic projects, aiming for a $200 million raise. Critics question transparency, despite the token’s 130% price surge.

Errol Musk, father of Elon Musk, is throwing his weight behind the new “MUSK IT” token, aiming to raise up to $200 million for futuristic engineering projects. According to Fortune, Musk and his business partner Nathan Browne plan to create the Musk Institute, a for-profit think tank focused on building flying vehicles and other innovative ventures. Despite being estranged from Elon, Errol emphasized his leadership in the family’s legacy, saying, “I’ve been ‘Musking It’ for years.”

MUSK IT Token Sees Price Spike amid Hype

The MUSK IT token, issued on Solana’s Pump.fun platform, skyrocketed from 1 cent to 20 cents shortly after Fortune’s coverage. With over 44,000 holders and $79 million in trading volume, the token has gained 130% in the past 24 hours, though prices have since dipped back to just over 2 cents.

Skeptics Question Token’s Longevity

While Musk insists the token won’t be a “pump and dump,” critics point to the lack of transparency around the token’s structure. The site features references to Elon’s SpaceX and Tesla (TSLA) innovations, raising questions about how closely it aligns with his brand.

As cryptocurrencies gain mainstream adoption, staying informed is crucial for investors. Track your favorite cryptocurrencies on TipRanks to stay ahead of these developments. Click on the image below to find out more.