Musk It (MUSKIT) memecoin, launched by Elon Musk’s father Errol Musk, spiked from merely $1 million in market cap to a whopping $500 million within minutes.
On January 30, the token spiked from $0.014 to $0.48 with the price pumping over 3,500% in minutes. Although the price surge did not sustain for much longer with it quickly decreasing in an hour.
MUSKIT was launched in December 2024 with an aim to raise over $200 million in funds for a new for-profit think tank called the Musk Institute. It was backed by Elon Musk’s father but Elon Musk has not clarified any kind of involvement with the token.
According to Coinmarketcap data, MUSKIT is currently trading at $0.035 – still up 222% in the past 24 hours. Its market cap currently sits near $35 million.
While Elon Musk has not mentioned anything about the token, his father claimed that the token will be used to raise funds for a think tank focused on engineering projects.
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