Elon Musk's father, Errol Musk, is supporting a memecoin called "MUSK IT" to raise funds for engineering projects. The aim is to create the for-profit think tank called the Musk Institute, led by Errol, which will focus on scientific pursuits beyond rockets such as building flying vehicles. The Musk Institute plans to collaborate with UAE royalty for innovative engineering projects, although specific details have not been disclosed yet. The MUSK IT token currently has a market cap of $25 million, a trading volume of $79 million, and its price has increased by 130% in the last 24 hours.



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