The Musk It (MUSKIT) token has experienced a remarkable increase of 544% in just 24 hours, reaching an all-time high of $0.07278. This surge follows an announcement from Errol Musk, Elon Musk’s father, who plans to raise $200 million through this memecoin for a new initiative called the Musk Institute.
Initially launched in December 2024 by a Middle Eastern crypto firm, the Musk It token struggled to gain traction, losing over 50% of its value since its launch. However, Errol Musk’s fundraising announcement has significantly boosted its price from a low of $0.0107 to $0.07278 in just one day. The trading volume has also surged to $87,495,901, indicating strong investor interest.
The Musk Institute aims to be a for-profit think tank focusing on engineering projects beyond rockets. Investors seem excited about the potential of the funds raised through the Musk It token, despite the token lacking intrinsic utility, a common feature of memecoins.
However, there are concerns about the sustainability of this price surge. The token’s success is closely linked to the Musk family name, but Elon Musk is not involved in this project. His absence raises doubts about the token’s long-term viability, especially given his significant influence in the cryptocurrency market, particularly with Dogecoin.
An expert, Anndy Lian, has expressed skepticism about Musk It achieving the same success as other celebrity-backed memecoins without Elon’s endorsement. The memecoin market is known for its volatility, often driven by hype rather than real value. The excitement surrounding Musk It is similar to recent trends with other high-profile memecoins, indicating that investors are eager to find the next big opportunity in crypto.
While Musk It shows promising short-term momentum, its long-term prospects remain uncertain. The market cap has reached $63,922,516, but the project lacks transparency and a clear roadmap. Although Errol Musk claims the project is not a “pump-and-dump” scheme, the history of similar projects raises caution among investors.
