Musk It Price Prediction: Can Meme Coin Related to Elon’s Dad Be the Next Big Thing?

Move over OFFICIAL TRUMP and Melania Meme – a new celebrity meme coin is causing a buzz. After Donald Trump and Melania Meme launched tokens

A new meme coin named Musk It has seen incredible volatility over the past 48 hours – but can this project linked to Elon Musk’s dad keep growing?

Or will the new Solana layer 2 blockchain token Solaxy be a better trade as its presale cruises toward $17 million total raised?

Musk It Price Prediction: Can Meme Coin Related to Elon’s Dad Be the Next Big Thing?

Move over OFFICIAL TRUMP and Melania Meme – a new celebrity meme coin is causing a buzz.

After Donald Trump and Melania Meme launched tokens, which rallied to multi-billion dollar valuations, other high-profile individuals started thinking about doing the same. One of those people was Elon Musk's dad, Errol Musk.

He hopes to raise $200 million through a new meme coin called Musk It, which was launched by a Middle Eastern firm in December. Errol Musk told Fortune that he will publicly endorse the project to increase its value.

Musk It’s price saw a rapid upward ascent when news broke, catapulting from $0.01 on Thursday to highs of $0.33 less than 24 hours later. However, when investors realized that Elon wouldn’t be part of the project, profit-taking began.

Skeptics say that without Elon’s direct involvement, Musk It holds far less star power than Trump family meme coins.

In a note to Cointelegraph, Anndy Lian, author and intergovernmental blockchain expert, said:

“I'm not so sure ‘Musk It’ will hit the heights some Trump family memecoins have reached. It feels like Elon’s personal stamp is what really gets people excited about these projects.”

That said, Musk It’s current market cap is only $28 million – there is plenty of A bounce from here could potentially enable a steady climb upwards – provided that Musk’s father and other team members deliver.

of upside, even if it is to fall well short of Trump family meme coin valuations.

Analyst Big Wiz alludes that it could retest all-time highs, noting that the token will power the Musk family institute “being built in Dubai.”

On the flip side, crypto trader Shalev dubs the token a “slow farm” and highlights that Elon does not have a good relationship with his father. Given that, it seems unlikely that Musk would undertake any future involvement with the token, even though its website is heavily marketed around him.

Musk It trades at $0.02866, down 92% in under 24 hours. At press time, it's trading at a key support zone. But lose this support level and traders’ confidence will take a significant hit, causing increased selling pressure and a deeper decline to the next support level at $0.013.

This Crypto Is Revoluionizing Solana – Can it Outperform $MUSKIT?

A 20% selloff for Musk would cause a break below resistance and potentially ignite a much deeper selloff, so investing in it right now comes with risk.

But while Musk It stands on shaky ground, a new Solana-based project is attracting major attention. It’s called Solaxy, and it's building the first-ever Solana layer 2 blockchain, which will make transactions cheaper, faster, and more reliable.

The idea is to eradicate the network’s congestion issue, which has been ongoing for years.

The rise of celebrity coins has onboarded hundreds of thousands of new users into the ecosystem, but this increased activity causes longer wait times and sometimes complete transaction failures.

Solaxy’s layer 2 blockchain uses off-chain computation and transaction bundling technology to handle some of Solana’s workload.

But beyond improving Solana’s transactional capabilities, Solaxy also takes the unique step of bridging between Ethereum and Solana by making $SOLX available to buy on both networks.

The project has garnered substantial interest from analysts, with 99Bitcoins’ Jacob Bury recently saying it could 10x in price.

$SOLX is currently available to buy via a presale. It has raised $16.9 million so far.

Currently, investors can buy $SOLX for $0.001622, but this price will rise throughout the ICO.

Visit Solaxy Presale

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