Elon Musk’s father – Errol Musk – has become the last public figure to lend a new piece of memes, a category of cryptocurrencies known for their great volatility, their low utility and its sometimes high yields.
In the past 24 hours, the memes “Musk It” play has seen a volume of trading $ 5.8 million.
The new Errol Musk’s token has no involvement of his billionaire son Elon Musk, and currently has a modest market capitalization of $ 29 millionAccording to CoinmarketCap.
While Elon Musk has never published his own cryptocurrency – and he has no affiliation with the “Musk IT” piece – Tesla A CEO in the past, regularly referenced, one of the pieces of the most famous currency in the world, on its social media stories. These references included “DOGECOIN RULZ“And” no ups, no stockings, only Doges. “(Musk is now part of a temporary effort in the American government appointed DOGEor the Ministry of Government Effectiveness).
This landed musk in hot water, the billionaire accused of having pumped the meme piece of Dogecoin in a big point $ 258 billion cases of initiate negotiation. Last year, however, the trial against the technology magnate was rejected By a judge, who said that his tweets on Dogecoin were “ambitious and swollen, non -factual and likely to be falsified”.
Dogecoin is currently negotiated at a price of $ 0.26, according to Coinmarketcap.
Meanwhile, the play even musk it musk of his father was initially launched in December by an undisclosed Middle East company and is mainly used to raise 200 million dollars For the Errol Musk’s thinking group, the Musk Institute. There remains a small actor compared to other high -level tokens like Dogecoin, according to Cointelegraph.
Earlier this month, the Trump family has published their own pair of solana-based: Trump and Melania. The value of the two same has plunged considerably after their public launch.
“I’m not sure that ‘Musk It’ will hit the heights that certain Memes of the Trump family have reached,” said Blockchain expert Anndy Lian Cointelegraph. “It looks like Elon’s personal stamp is what really excites people for these projects … It seems that we are all hungry for this next big success in crypto, in search of something that could skyrocket the day afterwards, “added Lian.