{"id":823487,"date":"2025-02-01T07:12:26","date_gmt":"2025-02-01T13:12:26","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/01\/elon-musks-father-plans-200m-raise-with-muskit-meme-coin-as-solaxy-nears-17m-in-presale\/"},"modified":"2025-02-01T07:12:26","modified_gmt":"2025-02-01T13:12:26","slug":"elon-musks-father-plans-200m-raise-with-muskit-meme-coin-as-solaxy-nears-17m-in-presale","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/02\/01\/elon-musks-father-plans-200m-raise-with-muskit-meme-coin-as-solaxy-nears-17m-in-presale\/","title":{"rendered":"Elon Musk\u2019s Father Plans $200M Raise with MUSKIT Meme Coin as Solaxy Nears $17M in Presale"},"content":{"rendered":"
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Crypto investors can\u2019t get enough of celebrity-backed tokens.<\/p>\n

Errol Musk, father of Elon, is the latest to get involved in this trend.<\/p>\n

He plans to raise $200 million with the MUSKIT meme coin \u2013 and the coin\u2019s price has already reacted positively.<\/p>\n

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

Errol Musk Plans $200M Raise for Think Tank Project<\/h2>\n

Celebrity-backed meme coins have been everywhere in early 2025, but no one could have predicted Errol Musk would launch one.<\/p>\n

He\u2019s using the family name for his new crypto venture \u2013 Musk It (MUSKIT).<\/p>\n

<\/a><\/p>\n

Elon\u2019s father plans to raise up to $200 million through this coin.<\/p>\n

The Musk It coin, initially launched by a Middle Eastern crypto firm in December, will reportedly fund the Musk Institute.<\/p>\n

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

Errol Musk isn\u2019t shy about using the family name.<\/p>\n

\u201cI\u2019ve been \u2018Musking it\u2019 for years,\u201d he said.<\/p>\n

<\/a><\/p>\n

MUSKIT token jumped over 200%<\/a> after his announcement last night but has since plummeted \u2013 now hovering around $0.065.<\/p>\n

Elon Musk himself isn\u2019t involved in the project and has reportedly distanced himself from his father\u2019s business dealings.<\/p>\n

Red Flags Mount as Traders Question MUSKIT Coin\u2019s Structure<\/h2>\n

Musk It has already raised some serious red flags among market analysts and traders.<\/p>\n

They\u2019re worried about the token\u2019s structure and potential risks.<\/p>\n

The lack of transparency around supply and ownership is the biggest concern.<\/p>\n

Reports suggest Errol Musk\u2019s new company may control up to 80% of the supply, leading some to suggest that a rug pull might be on the cards.<\/p>\n

MUSKIT\u2019s branding also raises eyebrows.<\/p>\n

<\/a><\/p>\n

It uses imagery heavily associated with Elon\u2019s companies, even though he\u2019s not involved at all.<\/p>\n

Many view this as misleading and predatory.<\/p>\n

Then there\u2019s 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.<\/p>\n

MUSKIT\u2019s price has already rallied and dropped, so there\u2019s concern it\u2019s already \u201cdead.\u201d<\/p>\n

One trader on Twitter even suggested it will \u201cdrop to zero\u201d<\/a> soon.<\/p>\n

Only time will tell whether MUSKIT can overcome these challenges \u2013 or if it will become yet another cautionary tale for retail investors.<\/p>\n

Solaxy Continues Gaining Traction with $16M+ Presale Raise & Multiple Analyst Endorsements<\/h2>\n

While MUSKIT faces skepticism, another project is powering ahead.<\/p>\n

Solaxy<\/a> is billed as Solana\u2019s first Layer-2 scaling solution and has raised over $16.6 million in presale so far.<\/p>\n

Early investors are betting it can fix Solana\u2019s congestion problems.<\/p>\n

Solaxy will process transactions off-chain using rollup technology, similar to Ethereum\u2019s Layer-2 solutions, before settling them on the mainnet.<\/p>\n

<\/a><\/p>\n

This could be huge \u2013 especially given the recent network strain from meme coin trading.<\/p>\n

Trump-themed tokens, for example, helped Pump.fun recently hit a record weekly trading volume<\/a>.<\/p>\n

However, some users still faced slow transactions \u2013 or even failed transactions.<\/p>\n

Solaxy\u2019s Layer-2 will be powered by SOLX, its native token, which is available in presale.<\/p>\n