A recent social media post by crypto pundit MartyParty has sparked
renewed interest in the early investment patterns surrounding
Solana. This interest centers around the revelation that Lyndon
Rive, a cousin of Elon Musk, was among the first investors in
Solana, a fact that has largely flown under the radar since Rive’s
announcement on July 30, 2019. “Why is Elon Musk’s cousin Lyndon
Rive one of the first investors in Solana. Rive is a cousin of Elon
Musk as their mothers are twin sisters,” Marty remarked. The Story
Of Solana And Elon Musk’s Cousin Lyndon Rive, better known as the
co-founder of SolarCity and cousin to tech mogul Elon Musk, has
maintained a lower profile compared to his renowned relative.
Despite their familial ties, Rive’s investment trajectory has
diverged notably from Musk’s, especially after Rive left SolarCity
following its acquisition by Tesla in 2016. In July 2019, Rive
invested in Solana Labs, the company behind the SOL blockchain. The
project, launched in 2018, is distinguished by its use of a Proof
of Stake consensus mechanism, which aligns with the growing
interest in more energy-efficient blockchain technologies. While
Rive’s participation in the Series A funding of Solana was not
singularly significant, it was part of a crucial $20 million
funding round that helped kickstart the project. Subsequent
investments by entities like CoinList and MXC Exchange bolstered
Solana’s growth, cumulatively raising an additional $40 million.
Related Reading: Is Fantom (FTM) About To Explode Like Solana
(SOL)? This Analyst Thinks So The connection between Rive’s
investment in Solana and Musk’s stance on SOL remains unclear. Elon
Musk is widely recognized for his enthusiasm for Dogecoin, often
expressing support for the meme coin. Additionally, Tesla, under
Musk’s leadership, has included Bitcoin as part of its corporate
balance sheet. However, Solana was never mentioned by Musk.
Notably, after Tesla ceased accepting Bitcoin in May 2021 citing
environmental concerns, the Solana Foundation reached out to Musk
via Twitter, answering “dms are open”. Musk has never responded
publicly, suggesting that there is no official connection between
Musk and Solana despite his cousin’s investment. Related Reading:
Solana Price’s 70% Rally Persuades Detractor, Arthur Hayes Makes
Confession The intrigue deepens with the parallel choices of Musk
and Solana’s co-founder, Anatoly Yakovenko, in favoring the Rust
programming language for their respective projects, xAI and SOL.
xAI’s recent announcement lauds Rust for its robustness and
reliability, essential for scalable and maintainable
infrastructure. Crypto expert Joe McCann commented: “Elon Musk
chooses Rust for xAI. Anatoly Yakovenko chose Rust for Solana.” In
conclusion, while Rive’s early investment in Solana is a notable
piece of the platform’s history, the extent of his influence or any
indirect connection to Musk remains speculative. Nevertheless, it
is a story to keep in mind. SOL Prize Takes A Break At press time,
SOL was trading just below $40 and was undergoing a retest after
the price broke out of the trading range post the FTX crash last
week. A daily close above $38.76 could be crucial to establish a
new range and possibly target the 1,618 Fibonacci extension level
at $57.85. Featured image from Business Insider, chart from
TradingView.com
Gráfico Histórico do Ativo
De Out 2023 até Nov 2023
Gráfico Histórico do Ativo
De Nov 2022 até Nov 2023
