The post Elon Musk’s Father Plans $200M Raise with MUSKIT Meme Coin as Solaxy Nears $17M in Presale appeared on BitcoinEthereumNews.com.

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…

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Filed under: News - @ January 31, 2025 7:27 pm