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Cryptopolitan 2025-01-31 10:30:14

Elon Musk’s dad aims to raise $200M with “Musk IT” token

Everyone from the US President Donald Trump to the “Hawk Tuah girl” has jumped into the meme coin game, but Elon Musk? Not yet. Musk does have a favorite meme coin, Dogecoin, which he tries to pump all the time. Meanwhile, Elon’s father, Errol Musk, has other plans. Errol Musk and his partner Nathan Browne are looking to raise between $150 million and $200 million through a token project called “Musk It.” The funds are intended to support a new, for-profit think tank, the Musk Institute that he is founding. Senior Musk jumps into meme coins As per reports, Errol is embracing the meme coin trend while Elon holds a cautious stance on launching a personal token as these cryptos come with risks associated with them. The meme crypto category has gained much after heavyweights like the Trump family jumped into the market with their tokens. Senior Musk stated “I’m the head of the family. It really started with me in our family, I’ve been ‘Musking It’ for years.” This highlights his willingness to leverage the family name. The “Musk It” coin was launched by a Middle Eastern-based crypto company back in December. The institute is aiming to bring researchers together for engineering projects. However, the token lacks detailed tokenomics which has raised questions about transparency. Errol highlighted that this idea came to them during the UAE visit in December where he met with “men and women of nobility across several emirates.” But there is no such timeline set by now around the project. Musk It token surges 218% With the project’s details remaining hazy, this move could further strain Errol’s already rocky relationship with Elon, who has kept his distance. However, Errol Musk isn’t holding back. When asked about claims of a split from his son Elon, he called Walter Isaacson’s biography “absolute rubbish.” Father Musk added that he’s recently spent time with both Elon and Kimbal. But make no mistake, Elon has nothing to do with Errol’s latest venture: a crypto called “Musk It” and a new think tank, the Musk Institute. Musk has insisted that it’s not a “pump and dump,” despite the lack of transparency. His partner, Nathan Browne mentioned that investors shouldn’t expect Elon’s endorsement. As per the data provided by the CoinMarketCap, Musk It holds a market cap of over $29 million, but the website flashes a disclaimer that this figure is self-reported. The token has recorded a surge of a massive 218% in the last 24 hours. Musk It is trading at an average price of $0.04, at press time. Its 24-hour trading volume is up by 7,462% to stand at $80.4 million. Source: CoinMarketCap The cumulative meme crypto market cap saw an uptick of around 4% in the last 24 hours to stand at $93.07 billion. Its 24-hour trading volume is up by 15% to stand at $12 billion. Elon Musk’s favorite meme crypto , DOGE, witnessed a halt recently after printing green indexes. Dogecoin price surged by 110% in the last 90 days to maintain the top stop. DOGE is trading at an average price of $0.32, at press time. Cryptopolitan Academy: FREE Web3 Resume Cheat Sheet - Download Now

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