Crypto buyers can’t get sufficient of celebrity-backed tokens.
Errol Musk, father of Elon, is the newest to become involved on this pattern.
He plans to boost $200 million with the MUSKIT meme coin – and the coin’s value has already reacted positively.
This information comes as the brand new meme venture Solaxy (SOLX) sees monumental presale success, elevating nearly $17 million earlier than its official launch.
Errol Musk Plans $200M Elevate for Suppose Tank Undertaking
Movie star-backed meme cash have been all over the place in early 2025, however nobody may have predicted Errol Musk would launch one.
He’s utilizing the household title for his new crypto enterprise – Musk It (MUSKIT).
Elon’s father plans to boost as much as $200 million via this coin.
The Musk It coin, initially launched by a Center Jap crypto agency in December, will reportedly fund the Musk Institute.
This for-profit assume tank, headed by Errol and enterprise companion Nathan Browne, will give attention to initiatives like flying automobiles and scientific analysis.
Errol Musk isn’t shy about utilizing the household title.
“I’ve been ‘Musking it’ for years,” he stated.
MUSKIT token jumped over 200% after his announcement final night time however has since plummeted – now hovering round $0.065.
Elon Musk himself isn’t concerned within the venture and has reportedly distanced himself from his father’s enterprise dealings.
Purple Flags Mount as Merchants Query MUSKIT Coin’s Construction
Musk It has already raised some severe pink flags amongst market analysts and merchants.
They’re fearful concerning the token’s construction and potential dangers.
The dearth of transparency round provide and possession is the largest concern.
Studies counsel Errol Musk’s new firm might management as much as 80% of the availability, main some to counsel {that a} rug pull may be on the playing cards.
MUSKIT’s branding additionally raises eyebrows.
It makes use of imagery closely related to Elon’s corporations, regardless that he’s not concerned in any respect.
Many view this as deceptive and predatory.
Then there’s the idea of celebrity-backed meme cash usually, which regularly see giant preliminary positive factors, adopted by huge losses for many who purchase in after the highest.
MUSKIT’s value has already rallied and dropped, so there’s concern it’s already “useless.”
One dealer on Twitter even recommended it’s going to “drop to zero” quickly.
Solely time will inform whether or not MUSKIT can overcome these challenges – or if it’s going to turn into one more cautionary story for retail buyers.
Solaxy Continues Gaining Traction with $16M+ Presale Elevate & A number of Analyst Endorsements
Whereas MUSKIT faces skepticism, one other venture is powering forward.
Solaxy is billed as Solana’s first Layer-2 scaling resolution and has raised over $16.6 million in presale to date.
Early buyers are betting it may well repair Solana’s congestion issues.
Solaxy will course of transactions off-chain utilizing rollup know-how, much like Ethereum’s Layer-2 options, earlier than settling them on the mainnet.
This might be large – particularly given the current community pressure from meme coin buying and selling.
Trump-themed tokens, for instance, helped Pump.enjoyable lately hit a report weekly buying and selling quantity.
Nevertheless, some customers nonetheless confronted gradual transactions – and even failed transactions.
Solaxy’s Layer-2 shall be powered by SOLX, its native token, which is out there in presale.
SOLX is at the moment priced at $0.00162, though that value will enhance in lower than 24 hours when the subsequent stage begins.
Traders can get in utilizing crypto (e.g., ETH, SOL) or a financial institution card.
Crypto professional ClayBro thinks securing SOLX within the presale might be sensible, stating it may be one of many “finest meme cash to purchase now.”
Fellow analyst Crypto Good points backed up his bullishness
So, whereas the MUSKIT coin’s future is unsure as a result of transparency considerations, Solaxy seems to be constructing one thing of actual worth.
Go to Solaxy Presale
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