Elon Musk’s father — Errol Musk — has emerged as the latest public figure lending his name to a new meme coin, a category of cryptocurrencies known for their high volatility, low utility, and occasionally high returns. Over the past 24 hours, the "Musk It" meme coin has seen a trading volume of $5.8 million.

Errol Musk said the coin, the price of which has surged in the past 24 hours, would fund a new academic institute in Dubai.