Solaxy ($SOLX), the first Layer-2 blockchain of Solana, has successfully raised over $22 million in presale.
This achievement comes at a time when the “rug pull” involving Libra ($LIBRA) has notably impacted SOL prices, with Solana experiencing a decline of approximately 9% over the last 24 hours.
Despite the general bearish sentiment in the market, Solaxy has managed to attract keen investor interest. In just a week, the project amassed over $2 million during its presale, averaging approximately $350,000 in purchases daily.
Currently, the Solaxy presale continues, allowing early investors to acquire $SOLX tokens at a price of $0.001638. However, this price will increase soon as the project transitions to the next stage of its presale.
Investors in Meme Coins Outraged by Libra: What’s Next for Solana?
Solana has faced the repercussions of the broader market downturn, which follows the token reaching its all-time high (ATH) of $293 after a surprise launch of Trump-related meme coins.
The current price of the $SOL token is $169.57, completely erasing the gains made since its ATH on January 19, 2025.
The recent 9% decline in Solana’s value has been attributed to the “rug pull” incident allegedly orchestrated by Argentine President Javier Milei, who promoted the $LIBRA token in a now-deleted tweet. This situation has led to a significant “wave of legal actions.”
As per data from DexScreener, $LIBRA peaked at a market cap of over $4.5 billion on February 15, the day of its launch. Unfortunately, its valuation has since plummeted to $298 million, representing a staggering drop of over 93.38%.
Moreover, investors are still haunted by the troubled legacy of Trump’s family meme coins, causing further frustration toward Solana. The controversy has even prompted Mr. Alon, founder of Pump.fun, to demand better user protections within his platform.
Nevertheless, the current lull for Solana may only be temporary, as evidence suggests continuous capital influxes into Solaxy, the very first Layer-2 blockchain designed for Solana.
Solaxy ($SOLX): A Catalyst for a New Surge in SOL Prices?
For Solana to achieve another all-time high, strong momentum is necessary; this could be expedited by ongoing activity surrounding Solaxy’s presale.
At this juncture, Solana needs another solid catalyst to reignite its bullish momentum. The possible rollout of Solana ETFs later this year could significantly contribute to achieving this target. Many investors are eyeing a potential price target of $400 for the token.
Recently, Solaxy has released updates for developers detailing how its Layer-2 solution operates.
The Solaxy infrastructure is progressing well, aiming to enhance transaction processing through the use of rollups. This is a strategy designed to bolster both scalability and privacy. Furthermore, the team is developing a bridge to connect Solana with other blockchains, such as Ethereum, to ensure secure and efficient asset transfers.
Alongside these developments, Solaxy is conducting extensive internal testing on the Solana mainnet, while collaborating with partners like Sovereign Labs and Hyperlane to optimize security and performance. Each of these enhancements aims to ensure the platform’s long-term growth and scalability.
Overall, Solaxy emerges as the first project addressing Solana’s persistent issues. Once launched, it could serve as a powerful long-term solution that enables the Layer-1 network to fully realize its potential.
Solaxy ($SOLX): Aiming for Gains Exceeding 500x Like Solana?
It appears Solaxy and Solana could display strong correlated growth, as Solaxy enhances Solana’s scalability.
As a Layer-2 blockchain, Solaxy alleviates some of Solana’s transaction burdens, thus contributing to the mitigation of congestion issues.
Notably, Solaxy is creating a bridge to Ethereum, linking the growing meme coin sector with the world of DeFi. At the core of this initiative is $SOLX, which acts as the primary cryptocurrency for transactions within the Solaxy ecosystem.
Hence, its fundraising campaign mirrors that of Solana. However, $SOLX presents a significantly larger growth margin due to its presale status. As such, it promises potential returns akin to the exponential growth seen when Solana was trading around $0.50.
With an ATH of $SOL reaching $293, early backers would have enjoyed a substantial return of 58,500%, turning a $1,000 investment into $585,000.
Many popular cryptocurrency platforms share this optimistic outlook for $SOLX, projecting more modest returns of up to 100x for the token.
How to Buy and Secure $SOLX in Presale
To capture the astronomical returns associated with Solana, acquiring the $SOLX token at its current low price is vital.
Here’s a straightforward process to buy $SOLX:
- Visit the Solaxy website
- Connect your crypto wallet, such as Best Wallet
Best Wallet offers a multi-chain web3 wallet available on Ethereum and soon to be on Solana, making it an ideal platform for $SOLX.
To stay updated, join the Solaxy community on social media platforms like X and Telegram for real-time information regarding this groundbreaking Layer-2 solution of Solana.
Cryptocurrency investments carry significant risk.
Disclaimer: This article is not intended as investment advice. The information provided should not be relied upon for making financial decisions. Cryptocurrency investments carry risks and may result in significant losses. Only invest what you can afford to lose and conduct your own research prior to making any investment decisions.
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