A recent social media post by cryptocurrency connoisseur MartyParty has reignited curiosity surrounding the initial investment landscape of Solana. This intrigue revolves around the revelation that Lyndon Rive, a cousin of the eminent Elon Musk, stood among the earliest backers of Solana, a revelation that largely evaded widespread attention since Rive’s announcement on July 30, 2019.
“Why has Lyndon Rive, a cousin of the illustrious Elon Musk, been among the inaugural supporters of Solana? Rive shares this kinship with Musk, stemming from their mothers’ identity as twin siblings,” mused MartyParty.
The Tale of Solana and Elon Musk’s Cousin:
Lyndon Rive, more prominently recognized as the co-founder of SolarCity and a kinsman to tech magnate Elon Musk, has maintained a relatively inconspicuous presence compared to his celebrated relation. Despite their familial bond, Rive’s investment trajectory has notably diverged from Musk’s, especially after Rive’s departure from SolarCity following its acquisition by Tesla in 2016.
In July 2019, Rive ventured into Solana Labs, the entity behind the SOL blockchain. This project, inaugurated in 2018, stands apart due to its utilization of a Proof of Stake consensus mechanism, harmonizing with the burgeoning fascination with more eco-friendly blockchain technologies.
Rive’s participation in Solana’s Series A funding wasn’t in isolation; it played a pivotal role in a substantial $20 million funding round that acted as the project’s launchpad. Subsequent investments from entities such as CoinList and MXC Exchange bolstered Solana’s expansion, amassing an additional $40 million cumulatively.
The link between Rive’s backing of Solana and Musk’s stance on SOL remains shrouded in ambiguity. Elon Musk is widely known for his ardor for Dogecoin, often vocalizing his support for the meme-inspired cryptocurrency. Moreover, Tesla, under Musk’s stewardship, incorporated Bitcoin into its corporate holdings.
Yet, Solana never found mention in Musk’s statements. Notably, after Tesla discontinued its acceptance of Bitcoin in May 2021, citing environmental concerns, the Solana Foundation reached out to Musk via Twitter, extending an invitation with “dms are open.” Musk has yet to respond publicly, suggesting the absence of any official connection between Musk and Solana, despite his cousin’s investment.
The plot thickens as Elon Musk and Solana’s co-founder, Anatoly Yakovenko, share a preference for the Rust programming language in their respective ventures, xAI and SOL. xAI’s recent announcement extols Rust for its resilience and dependability, both pivotal for creating scalable and maintainable infrastructures. Cryptocurrency authority Joe McCann observed: “Elon Musk opts for Rust for xAI. Anatoly Yakovenko chose Rust for Solana.”
To summarize, while Lyndon Rive’s early investment in Solana remains a remarkable chapter in the platform’s annals, the extent of his influence or any indirect association with Musk remains a matter of conjecture. Nonetheless, it is a narrative worthy of retention.
SOL Price Takes a Respite
At the time of writing, SOL was trading just below $40 and was undergoing a reevaluation following the price breakout subsequent to the FTX market disruption last week. A daily closure above $38.76 assumes significance in establishing a fresh trading range and potentially targeting the 1,618 Fibonacci extension level at $57.85.
FAQs
What is Elon Musk’s favorite cryptocurrency?
Elon Musk’s favorite cryptocurrency is Dogecoin.
What three cryptos does Elon Musk own?
Elon Musk owns Bitcoin, Ethereum, and Dogecoin.
How much crypto does Elon Musk own?
The exact amount of cryptocurrency Elon Musk owns fluctuates, but it is estimated to be in the billions of dollars.
What is next gen coin?
There is no widely recognized “next gen coin,” and Elon Musk hasn’t publicly endorsed any specific cryptocurrency as such.
Which crypto is Elon Musk buying?
Elon Musk has shown interest in various cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, but his specific buying decisions may change over time.