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MUSKIT Memecoin Surges 200% Amid Speculation of Musk Family Backing

Elon Musk’s father, Errol Musk, is working on something that’s got the cryptocurrency market really buzzing. It’s called Just Musk It (MUSKIT), and it’s a memecoin linked to none other than the Musk family. Reports suggest that Errol is in the process of raising $200 million through the digital currency, which will supposedly go toward the establishment of the Musk Institute, a for-profit think tank that will, in Errol’s words, “do what no one else is doing.” This disclosure has sent a jolt of enthusiasm among investors and caused speculation to bubble over. The result has been an eye-popping 200% increase in the price of MUSKIT. The memecoin’s market cap has doubled to $35.4 million, and its price has reached $0.03432. Trading volume, meanwhile, has surged by an unbelievable 7,000%. That means there is now a strong market interest and, it seems, a much stronger confidence in MUSKIT’s price appreciation potential. MUSKIT’s Meteoric Rise: Driven by Musk Family Ties The crypto realm has been affected for quite some time by the Musk family, with Elon Musk’s tweets and public utterances almost always resulting in major price fluctuations for digital assets such as Dogecoin (DOGE) and Shiba Inu (SHIB). Now, it seems, that influence might be extending into the realm of governance tokens, with Errol Musk reportedly backing a new digital currency called MUSKIT. It was recently reported by Cointelegraph that Errol Musk’s plan to raise $200 million through MUSKIT could partially fund the Musk Institute, which is expected to do advanced engineering and focus on technological breakthroughs of the sort that don’t happen every day. Many people who look at cryptocurrency connections for a living saw this and assumed we were just seeing a “funding the family business” story. The sharp increase in price and huge trading volume show that the market is reacting very positively to the idea of the Musk family being involved in this prospect. Even though Elon Musk hasn’t said anything about the project, we think it’s quite possible that rumors or indirect involvement from him could really light a fire under MUSKIT’s price. Memecoin Mania: How MUSKIT Is Defying Expectations Traditionally, memecoins are seen as speculative assets that experience wild price swings based on hype and trends on social media. But MUSKIT seems to be staking out a different, possibly more sustainable, position by aligning itself with a tech-driven initiative instead of relying just on internet virality. MUSKIT’s market cap has recently doubled in a very short time, and that shows how sentiment plays a big role in memecoin rallies. The token’s trading volume surged 7000% in that same short time, and both retail and institutional investors are starting to take notice. If this keeps up, MUSKIT could make its way into the holy grail of the best memecoins in the market. The possible success of MUSKIT will likely rely on the Musk Institute taking shape as intended and on the use of funds raised through the memecoin. If the think tank somehow manages to pull off what it claims will be a series of “world-changing projects,” MUSKIT might evolve beyond being a speculative token and become something with real application—application, in this case, associated with one of blockchain’s many oft-discussed “use cases.” Will MUSKIT Follow in Dogecoin’s Footsteps? What began as a joke turned into a major player in the crypto world. Dogecoin got to where it is largely because of Elon Musk’s high-profile, uh, support. Now that MUSKIT appears to be linked to Errol Musk, many are asking if it, too, will chart a course to the crypto stars. Musk might have clearly been involved in Dogecoin’s rise, but it’s not at all evident what’s going on with MUSKIT. If Errol Musk is a real cheerleader for the project and is updating us on the progress of the Musk Institute, then you could surmise that translating Earth invaders into another medium could mean further adoption of and appreciation in value for the token. Follow-through on this point isn’t guaranteed, though. If all of this translates into a real slog for the Musk Institute with no further updates coming, the hype we’ve been discussing becomes rather meaningless. Conclusion The MUSKIT memecoin is ascendant; it’s as if it has been shot out of a cannon. The immediate reason for this is the frenzied speculation that it has actual, if indirect, support from the Musk family. Adding to this price surge is the equally ambitious, if currently vague, plans for the Musk Institute to put the money to actual use. With a price up 200%, market cap of $35.4 million, and trading volume up an incredible 7,000%, this token has everyone’s attention, at least for the moment. The next phase of MUSKIT’s journey will depend closely on whether the Musk Institute comes into being and if the token’s recent burst of popularity can last. Will the next chapter of its story turn out to be a Dogecoin-like success? Or will it ruefully fizzle out and be into another short-lived memecoin? For now, though, the buzz around MUSKIT is nothing if not palpable. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: maximusnd/ 123RF // Image Effects by Colorcinch BitcoinSistemi

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Whales Replenish Their Dogecoin Holdings: A Sign of Renewed Confidence Amidst Market Volatility

Over the past week, the Dogecoin ($DOGE) market saw a shift in large holders, or whales, who seemed to be interested in accumulating the meme coin. These accounts took in a staggering 560 million Dogecoins, just shy of $40 million. This buying frenzy came on the heels of a pretty intense sell-off in $DOGE, and it’s definitely something we want to keep our eyes on. The question is, of course, why are they doing this? And could we see a kind of “reclaimed interest” in $DOGE? Or is this just a set-up for a local top? Whales have accumulated 560 million #Dogecoin $DOGE in the past week following an intense sell-off, signaling renewed interest from large holders! pic.twitter.com/ObAVfqC9xi — Ali (@ali_charts) January 31, 2025 Potential Market Shift for Dogecoin Big investors, commonly known as whales, influence the price movements of cryptocurrencies. For Dogecoin, the recent accumulation of over half a billion DOGE coins into whale wallets might mean that these investors are bracing for a possible price rally. But this is not a certain outcome. We could also interpret it to mean that, having just sold off a significant portion of their holdings, Dogecoin’s whales are taking the opportunity to buy back into the market at lower prices, perhaps figuring that the price trend is stabilizing after having been in freefall. Even with this outcome being a positive one, there are still some warning signs for investors in Dogecoin. The price of Dogecoin, much like other cryptocurrencies, could really take a hit if the broader market takes a turn for the worse. Analysts have expressed worry over what could happen if DOGE breaks below its $0.31 support level; a move like that could very well trigger a correction that would push the price down toward $0.20 and would have all the markings of a “whales taking profits and re-positioning” kind of dip, which in Dogecoin’s case could set off a temporary bearish trend. Is #Dogecoin following $PEPE ? If so, a breakdown below $0.31 could trigger a correction toward $0.20 for $DOGE ! pic.twitter.com/fuKfgUwPNI — Ali (@ali_charts) February 1, 2025 Grayscale’s Move to Offer Dogecoin Exposure Besides the endeavors of large investors, another significant development could direct more institutional focus toward Dogecoin. Grayscale Investments, the world’s largest crypto asset manager, has just launched the Grayscale Dogecoin Trust. This move gives high-net-worth individuals and institutional investors a straightforward way to gain exposure to $DOGE, the native coin of the Dogecoin network. The trust is now open for daily subscription. This means eligible investors can now buy into the trust and indirectly hold Dogecoin. And do you know what they don’t have to do to hold it? That’s right. They don’t have to buy it directly on exchanges. @Grayscale Investments announces the launch of Grayscale @Dogecoin Trust Grayscale Dogecoin Trust goes live, offers investors the opportunity to gain exposure to $DOGE , the native coin of the Dogecoin network. The Trust is now open for daily subscription by eligible… pic.twitter.com/t3cJVa17Ol — CryptoDep #StandWithUkraine (@Crypto_Dep) January 31, 2025 For Dogecoin, this launch represents a major milestone. It potentially paves the way for far more institutional investment in the asset than we have seen thus far. Unlike Grayscale’s other trusted digital currency products, which hold only Bitcoin, Ethereum, and Zcash, the Grayscale Dogecoin Trust could help make the Dogecoin Dream come a little closer to reality. The Grayscale Dogecoin Trust’s inception substantiates Dogecoin’s legitimacy as a serious contender in the space. Yet it operates within an asset class more emblematic of the Wild West than Wall Street. Although the trust offers a more structured way for investors to gain direct exposure to DOGE, the trust’s underlying asset, the Dogecoin network, is still very much in play; and it too is characterized as a “serious asset” by Grayscale’s parent company, Digital Currency Group. Conclusion: A Critical Time for Dogecoin With Grayscale’s trust offering new ways to invest, the meme coin is at a make-or-break moment. But for those who own it, the news isn’t all bad. Accumulating a significantly large amount of the coins may, in fact, signal that the next big move for Dogecoin is to the upside. This may be enhanced, too, by the 8th anniversary of the coin, which will occur in December 2023. Investors should keep a close watch on both the price action and the critical support that Dogecoin is at right now. If it drops below that, it could be a key signal that more downside is coming. As interest from institutions rises and large investors take action, coming months should provide greater clarity on whether Dogecoin is carving out a place for itself in the overall cryptocurrency market or whether it could be poised for another stagnation or decline in price. Anyone considering an investment in this extremely volatile and not particularly well-understood asset would do well to proceed with caution and to keep a close watch over the Dogecoin situation. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: peshkov/ 123RF // Image Effects by Colorcinch BitcoinSistemi