Elon Musk’s father jumped on the crypto meme culture bandwagon to raise $200 million funds via meme token.
Elon Musk is the richest person in the world. He is also known as a pro-Crypto personality. Personally, he holds Bitcoin, Ethereum, & Dogecoin. In 2029, Musk started promoting Dogecoin Cryptocurrency as the payment Cryptocurrency. Under his influence, Dogecoin Cryptocurrency saw the transition from the status of a meme token to a flagship crypto token with a new use case.
A report by Fortune confirmed that Elon Musk’s father, Errol Musk, is seeking to launch his own meme token project called Musk It ($MUSKIT).
His father expects to raise $150 million to $200 million with the help of a meme crypto token project. He has plans to use the raised back for-profit think tank called the Musk Institute.
It is worth it to note that the token by the same name, The Musk It token, was already launched in Dec 2024 by a Middle Eastern cryptocurrency company.
Following this news, the trade price of this token surged rapidly from $0.01 to $0.33, but later, this price level crashed. The current trade price of this token is $0.037, which is 225% higher over the last 24-hour trading period.
The current market cap of this meme token is only $35 million, and this figure is enough to tell that Musk’s father is very far from achieving his goal.
Many crypto experts noted that here Elon Musk is not directly involved in this token promotion, so it will not be easy for this token to see a rapid pump in the trade price.
So far, no response statement has come to the public domain regarding the $MUSKIT meme token by Elon Musk, and there is a huge chance that he will not talk on this matter because many times in the past he said that he or his company would never back any crypto token.
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