The launch of the Trump token, which hit a $15 billion valuation, rides the trend and raises questions. Axios reporter Brady Dale explains what a meme coin is and what owners can actually do with them.

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

Errol Musk hopes to raise as much as $200 million for a planned for-profit think tank using proceeds from the cryptocurrency.

Memecoins have once again captured the crypto world’s attention, but this time it’s not Elon Musk making headlines—it’s his father, Errol Musk. The 77-year-old has endorsed “Musk It,” a meme-based cryptocurrency that aims to raise between $150 million and $200 million.