Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the memecoin announced by the father of Elon Musk.
“Musk It”
Following on from the Trump family launching their memecoins, now Elon Musk is entering the fray. Back on the 30th of January the father of Elon Musk, Errol Musk, officially gave his support for the ‘Musk It’ (MUSKIT) Solana-based meme coin. The memecoin has been made without any involvement from Elon Musk, but it carries the family name. Errol noted in an interview with Fortune that he is looking to raise between $150 million and $200 million for the Musk Institute. The institute is a think tank dedicated to engineering and innovation.
The memecoin is trading for $0.02713 at the time of writing, however little information has been given regarding its tokenomics, aside from its 1 billion total supply. The coin was not launched by Musk, instead it was launched back in December 2023 by a Middle Eastern-based crypto company on the Solana blockchain. Errol confirmed he has no involvement in the creation of the token. As part of the interview with Fortune Errol Musk stated:
“I’m the head of the family. It really started with me in our family—I’ve been ‘Musking It’ for years.”
The token has a decline in price since its launch, however since the involvement publicly of Musk it has experienced a sudden surge. It rose as high as $0.7 before tumbling back down to its current level. Errol stated that he had spoken with his famous son about the token but made it clear that “Elon has nothing to do with this.” Errol Musk and his business partner, tech consultant Nathan Browne, have ensured that their entry into the meme coin market will not be a “pump and dump” scheme.
Have a great day.
Peace. CryptoGod-1.
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