Elon Musk’s Father Plans $200M Raise with MUSKIT Meme Coin as Solaxy Nears $17M in Presale

Crypto investors can’t get enough of celebrity-backed tokens.

Errol Musk, father of Elon, is the latest to get involved in this trend.

He plans to raise $200 million with the MUSKIT meme coin – and the coin’s price has already reacted positively.

This news comes as the new meme project Solaxy (SOLX) sees enormous presale success, raising almost $17 million before its official launch.

Errol Musk Plans $200M Raise for Think Tank Project

Celebrity-backed meme coins have been everywhere in early 2025, but no one could have predicted Errol Musk would launch one.

He’s using the family name for his new crypto venture – Musk It (MUSKIT).

Elon’s father plans to raise up to $200 million through this coin.

The Musk It coin, initially launched by a Middle Eastern crypto firm in December, will reportedly fund the Musk Institute.

This for-profit think tank, headed by Errol and business partner Nathan Browne, will focus on projects like flying vehicles and scientific research.

Errol Musk isn’t shy about using the family name.

“I’ve been ‘Musking it’ for years,” he said.

MUSKIT token jumped over 200% after his announcement last night but has since plummeted – now hovering around $0.065.

Elon Musk himself isn’t involved in the project and has reportedly distanced himself from his father’s business dealings.

Red Flags Mount as Traders Question MUSKIT Coin’s Structure

Musk It has already raised some serious red flags among market analysts and traders.

They’re worried about the token’s structure and potential risks.

The lack of transparency around supply and ownership is the biggest concern.

Reports suggest Errol Musk’s new company may control up to 80% of the supply, leading some to suggest that a rug pull might be on the cards.

MUSKIT’s branding also raises eyebrows.

It uses imagery heavily associated with Elon’s companies, even though he’s not involved at all.

Many view this as misleading and predatory.

Then there’s the concept of celebrity-backed meme coins in general, which often see large initial gains, followed by massive losses for those who buy in after the top.

MUSKIT’s price has already rallied and dropped, so there’s concern it’s already “dead.”

One trader on Twitter even suggested it will “drop to zero” soon.

Only time will tell whether MUSKIT can overcome these challenges – or if it will become yet another cautionary tale for retail investors.

Solaxy Continues Gaining Traction with $16M+ Presale Raise & Multiple Analyst Endorsements

While MUSKIT faces skepticism, another project is powering ahead.

Solaxy is billed as Solana’s first Layer-2 scaling solution and has raised over $16.6 million in presale so far.

Early investors are betting it can fix Solana’s congestion problems.

Solaxy will process transactions off-chain using rollup technology, similar to Ethereum’s Layer-2 solutions, before settling them on the mainnet.

This could be huge – especially given the recent network strain from meme coin trading.

Trump-themed tokens, for example, helped Pump.fun recently hit a record weekly trading volume.

However, some users still faced slow transactions – or even failed transactions.

Solaxy’s Layer-2 will be powered by SOLX, its native token, which is available in presale.

SOLX is currently priced at $0.00162, although that price will increase in less than 24 hours when the next stage begins.

Investors can get in using crypto (e.g., ETH, SOL) or a bank card.

Crypto expert ClayBro thinks securing SOLX in the presale could be smart, stating it might be one of the “best meme coins to buy now.”

Fellow analyst Crypto Gains backed up his bullishness

So, while the MUSKIT coin’s future is uncertain due to transparency concerns, Solaxy appears to be building something of real value.

Visit Solaxy Presale

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