A latest social media post by crypto pundit MartyParty has sparked renewed curiosity within the early funding patterns surrounding Solana. This curiosity facilities across the revelation that Lyndon Rive, a cousin of Elon Musk, was among the many first traders in Solana, a undeniable fact that has largely flown underneath the radar since Rive’s announcement on July 30, 2019.

“Why is Elon Musk’s cousin Lyndon Rive one of many first traders in Solana. Rive is a cousin of Elon Musk as their moms are twin sisters,” Marty remarked.

The Story Of Solana And Elon Musk’s Cousin

Lyndon Rive, higher often called the co-founder of SolarCity and cousin to tech mogul Elon Musk, has maintained a decrease profile in comparison with his famend relative. Regardless of their familial ties, Rive’s funding trajectory has diverged notably from Musk’s, particularly after Rive left SolarCity following its acquisition by Tesla in 2016.

In July 2019, Rive invested in Solana Labs, the corporate behind the SOL blockchain. The venture, launched in 2018, is distinguished by its use of a Proof of Stake consensus mechanism, which aligns with the rising curiosity in additional energy-efficient blockchain applied sciences.

Whereas Rive’s participation within the Collection A funding of Solana was not singularly important, it was a part of an important $20 million funding spherical that helped kickstart the venture. Subsequent investments by entities like CoinList and MXC Change bolstered Solana’s progress, cumulatively elevating an extra $40 million.

The connection between Rive’s funding in Solana and Musk’s stance on SOL stays unclear. Elon Musk is widely known for his enthusiasm for Dogecoin, typically expressing help for the meme coin. Moreover, Tesla, underneath Musk’s management, has included Bitcoin as a part of its company stability sheet.

Nevertheless, Solana was by no means talked about by Musk. Notably, after Tesla ceased accepting Bitcoin in Could 2021 citing environmental considerations, the Solana Basis reached out to Musk by way of Twitter, answering “dms are open”. Musk has by no means responded publicly, suggesting that there is no such thing as a official connection between Musk and Solana regardless of his cousin’s funding.

The intrigue deepens with the parallel selections of Musk and Solana’s co-founder, Anatoly Yakovenko, in favoring the Rust programming language for his or her respective tasks, xAI and SOL. xAI’s latest announcement lauds Rust for its robustness and reliability, important for scalable and maintainable infrastructure. Crypto skilled Joe McCann commented: “Elon Musk chooses Rust for xAI. Anatoly Yakovenko selected Rust for Solana.”

In conclusion, whereas Rive’s early funding in Solana is a notable piece of the platform’s historical past, the extent of his affect or any oblique connection to Musk stays speculative. However, it’s a story to bear in mind.

SOL Prize Takes A Break

At press time, SOL was buying and selling slightly below $40 and was present process a retest after the worth broke out of the buying and selling vary submit the FTX crash final week. A day by day shut above $38.76 could possibly be essential to ascertain a brand new vary and probably goal the 1,618 Fibonacci extension stage at $57.85.