{"id":10649,"date":"2025-01-31T08:17:16","date_gmt":"2025-01-31T08:17:16","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=10649"},"modified":"2025-01-31T08:17:16","modified_gmt":"2025-01-31T08:17:16","slug":"elon-musks-dad-eyes-200m-raise-from-musk-it-memecoin-to-go-beyond-rockets","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=10649","title":{"rendered":"Elon Musk\u2019s Dad Eyes $200M Raise From ‘MUSK IT’ Memecoin to Go \u2018Beyond Rockets\u2019"},"content":{"rendered":"
\n

Elon Musk\u2019s dad is promoting a memecoin that capitalizes on the family name to raise upto $200 million for various engineering projects, despite the father-son duo apparently being estranged.<\/p>\n

Errol Musk, alongside business partner Nathan Browne, will officially back the \u201cMUSK IT\u201d token with the ambitious goal of establishing the Musk Institute, a new for-profit think tank that Errol aims to spearhead, per Fortune<\/a>.<\/p>\n

The Musk Institute plans to \u201cgo beyond rockets\u201d and build flying vehicles and other scientific pursuits. It is unclear how Elon Musk will be involved in this, if at all.<\/p>\n

“I\u2019m the head of the family. It really started with me in our family\u2014I\u2019ve been \u2018Musking It\u2019 for years,\u201d he told Fortune, dismissing any concerns about leveraging his surname for this project.<\/p>\n

The Musk Institute plans to collaborate with nobility in the UAE to foster innovative engineering projects, though specifics on timelines or project details are still forthcoming.<\/p>\n

A Middle East-based crypto company initially launched the token in December. Errol and Browne were later onboarded and attached themselves after conceiving the idea for the Musk Institute.<\/p>\n

MUSK IT boasts a $25 million market capitalization as of Friday, CoinMarketCap data<\/a> shows, with $79 million in trading volumes and a 130% price rise in the past 24 hours. The token was issued on Solana platform Pump.fun, its contract address<\/a> shows, with one billion tokens in circulation.<\/p>\n

Token data shows 44,000 MUSK IT holders and the top ten addresses hold over 20% of the token\u2019s total supply \u2014 cumulatively worth over $7 million at current prices.<\/p>\n

It zoomed from 1 cent to 20 cents shortly after Fortune\u2019s publication on the low liquidity and muted trading volumes and is back to just over 2 cents during Asian afternoon hours.<\/p>\n

However, the specifics of how “Musk It” will operate, particularly its “tokenomics,” remain shrouded in mystery. Neither Errol Musk, Browne nor the Musk It website provided detailed insights into the token’s structure or distribution plans.<\/p>\n

Errol\u2019s promotion is the latest in a long list of so-termed celebrity tokens, or typically short-lived memecoins that ride the hype of a known personality before eventually dying out.<\/p>\n

As such, one of the conditions laid out by Errol and Browne before the partnership was that the MUSKIT token \u201ccannot be a pump and dump.\u201d<\/p>\n

But despite the distance from Elon Musk\u2019s projects, the Musk It site prominently features several of his innovations \u2014 from a SpaceX rocket to a Tesla Cybertruck with only a \u201cMars Base; Opening Soon\u201d note on the homepage<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Elon Musk\u2019s dad is promoting a memecoin that capitalizes on the family name to raise upto $200 million for various engineering projects, despite the father-son duo apparently being estranged. Errol Musk, alongside business partner Nathan Browne, will officially back the \u201cMUSK IT\u201d token with the ambitious goal of establishing the Musk Institute, a new for-profit […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-10649","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/10649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10649"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/10649\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}