Crypto traders can’t get sufficient of celebrity-backed tokens.
Errol Musk, father of Elon, is the newest to become involved on this development.
He plans to lift $200 million with the MUSKIT meme coin – and the coin’s worth has already reacted positively.
This information comes as the brand new meme challenge Solaxy (SOLX) sees huge presale success, elevating nearly $17 million earlier than its official launch.
Errol Musk Plans $200M Elevate for Suppose Tank Venture
Celeb-backed meme cash have been in all places 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 lift 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 suppose tank, headed by Errol and enterprise accomplice Nathan Browne, will deal with 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 challenge and has reportedly distanced himself from his father’s enterprise dealings.
Crimson 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 nervous in regards to the token’s construction and potential dangers.
The shortage of transparency round provide and possession is the largest concern.
Studies counsel Errol Musk’s new firm could management as much as 80% of the provision, main some to counsel {that a} rug pull is likely to 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 on the whole, which regularly see massive preliminary positive aspects, adopted by large losses for individuals who purchase in after the highest.
MUSKIT’s worth has already rallied and dropped, so there’s concern it’s already “useless.”
One dealer on Twitter even recommended it should “drop to zero” quickly.
Solely time will inform whether or not MUSKIT can overcome these challenges – or if it should change into one more cautionary story for retail traders.
Solaxy Continues Gaining Traction with $16M+ Presale Elevate & A number of Analyst Endorsements
Whereas MUSKIT faces skepticism, one other challenge is powering forward.
Solaxy is billed as Solana’s first Layer-2 scaling answer and has raised over $16.6 million in presale to date.
Early traders are betting it will probably repair Solana’s congestion issues.
Solaxy will course of transactions off-chain utilizing rollup know-how, just like Ethereum’s Layer-2 options, earlier than settling them on the mainnet.
This might be large – particularly given the latest community pressure from meme coin buying and selling.
Trump-themed tokens, for instance, helped Pump.enjoyable not too long ago hit a report weekly buying and selling quantity.
Nevertheless, some customers nonetheless confronted gradual transactions – and even failed transactions.
Solaxy’s Layer-2 can be powered by SOLX, its native token, which is accessible in presale.
SOLX is presently priced at $0.00162, though that worth will improve in lower than 24 hours when the subsequent stage begins.
Buyers can get in utilizing crypto (e.g., ETH, SOL) or a financial institution card.
Crypto knowledgeable ClayBro thinks securing SOLX within the presale might be sensible, stating it is likely to be one of many “greatest meme cash to purchase now.”
Fellow analyst Crypto Beneficial properties backed up his bullishness
So, whereas the MUSKIT coin’s future is unsure as a consequence of transparency issues, Solaxy seems to be constructing one thing of actual worth.
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