MuskIt Coin Price Rockets 200% As Errol Musk Plans To Raise $200M, What’s Happening?

MuskIt coin has skyrocketed over 200% in the past 24 hours since the news about Errol Musk raising funds resurfaced. Meanwhile, it is speculated that it would take Elon Musk’s endorsement to truly cause a spike in the the meme coin’s value and market cap. It remains to be seen what happens to the meme coin segment with the recent development in MUSKIT’s token value.

MuskIt Coin Skyrockets

The value of MuskIt coin has skyrocketed by 262.73% in the last 24 hours, and the meme coin is exchanging hands at $0.03916. Recent data further shows that there is a spike of 7723.53% in 24-hour trading volume. However, the token is still down from a high value of 0.2241 which it achieved earlier today.

The surge in the value of MuskIt is briefly credited to Errol Musk, Elon Musk’s father. According to a Fortune report, Errol is hoping to raise around $200 million by capitalizing on the meme coin which shares his family name. It has been reported that the funds will be utilized to support the Musk Institute which is a for-profit think tank.

Interestingly, the MuskIt coin was originally launched on December 12, 2024, but the meme coin failed to gain sufficient momentum. It has now made a comeback and is seeking a potential endorsement from Elon Musk to mark higher upticks.

Will Elon Musk Endorse MuskIt Coin?

MuskIt coin shares its name with the Musk family and Errol Musk is looking to capitalize on it. What is missing from the list is an endorsement from Tesla CEO Elon Musk who is often seen supporting Dogecoin. Elon Musk has not come out in support of MuskIt but the community is speculating that he would soon join the meme coin’s hype.

It was earlier speculated that a Dogecoin price rise would take the value to around $0.6 after Elon revealed DOGE target. This essentially refers to the cuts that the DOGE department would undertake on the US Federal spending. Elon Musk does hold a significant influence but there is little to confirm his potential association with MuskIt coin in the future.

Meme Coins Sector In Focus

Meme coins have been gaining traction since the launch of TRUMP and MELANIA meme coins on Solana. MuskIt had added more interest around the meme coin segment. TRUMP meme coin is one of the three meme coins with over 300% gain in January. It is being traded at $26.42. Other meme coins on the list are MTAUR and XCN. MELANIA meme coin is down but has been able to leave a significant impact on meme coin enthusiasts.

MuskIt is speculated to follow the same path if Errol Musk continues to pursue his interest in backing it. For now, Errol Musk has said that he hoping this does not turn out to be a pump-and-dump scheme.