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Altcoins

Elon Musk’s Dad Seeks $200 Million From ‘MUSK IT’ Memecoin

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Elon Musk’s Dad Seeks $200 Million From ‘MUSK IT’ Memecoin

Anna Martynova

Elon Musk’s dad is pushing a memecoin to raise up to $200 million for various engineering projects. Errol MUSK, along with business partner Nathan BROWNE, are officially backing the “MUSK IT” token with the ambitious goal of creating the Musk Institute, a new for-profit think tank that Errol intends to lead, according to Fortune.

The Musk Institute plans to “go beyond rockets” and build flying vehicles and other scientific pursuits. The Musk Institute plans to partner with royalty in the UAE to facilitate innovative engineering projects, though details on the timing or specifics of the project have not yet been released.

According to CoinMarketCap, MUSK IT has a market cap of $25 million as of Friday, with a trading volume of $79 million and a price up 130% in the last 24 hours. The token was issued on the Solana Pump.fun platform, as its contract address shows, there are one billion tokens in circulation.

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