Elon Musk’s father promotes a Memecoin that capitalizes on the family name to raise up to $ 200 million for various engineering projects, despite the fact that the father-son duo is apparently alienated.
Errol Musk, together with business partner Nathan Browne, will officially support the “Musk It” token with the ambitious goal of establishing the Musk Institute, a new for-profit thought tank, which Errol aims to go at the forefront. Fortune.
The Musk Institute plans to “go beyond rockets” and build flying vehicles and other scientific persecutions. It is unclear how Elon Musk will be involved in this if at all.
“I am the leader of the family. It really started with me in our family – I have” Mosquito it “for years,” he told Fortune and rejected any concern to exploit his last name for this project.
The Musk Institute plans to collaborate with Adel in UAE to promote innovative engineering projects, although details of timelines or project information are still upcoming.
A Middle East-based Crypto Company initially launched tokenet in December. Errol and Browne were later onboarded and associated with imagining the idea of the Musk Institute.
Musk it boasts a $ 25 million market value from Friday, CoinMarketCap data shows $ 79 million in trading quantities and a 130% price increase over the last 24 hours. The token was issued on Solana platform pump.Fun, its contract address shows with a billion tokens in circulation.
Token data shows 44,000 Musk IT holders, and the top ten addresses have over 20% of token’s total supply -cumulatively worth over $ 7 million at current prices.
It zoomed from 1 cent to 20 cents shortly after Fortune’s publication about the low liquidity and subdued trading volumes and is back to just over 2 cents in Asian afternoon hours.
However, the details of how “Musk it” will work, especially its “tokenomics” remain, remain shrouded in mystery. Neither Errol Musk, Browne nor Musk IT site provided detailed insight into the token’s structure or distribution plans.
Errol’s promotion is the latest on a long list of so-theretic celebrity tokens or typically short-lived Memecoins running on the hype of a well-known personality before they eventually die out.
As such, one of the conditions laid by Errol and Browne before the partnership was that the muskit token “cannot be a pump and dump.”
But despite the distance from Elon Musk’s projects, the Musk IT site has prominent several of his innovations -from a SpaceX rocket to a Tesla Cybertruck with only one “Mars -Base; Opening Soon” note on the website.
