Solana ($SOL) is still feeling the effects of the dark side of crypto, illuminated by the $LIBRA scandal, as its price remains subdued under $180. Meanwhile, its first Layer-2 chain, Solaxy ($SOLX), continues to scoop up fresh capital, with its presale raising $22.7 million.
In just the past three days, Solaxy has seen over $700,000 worth of new $SOLX buys, which Solana fans may see as their only hope for the network to break its January peak.
A meme coin revival could be triggered if the alliance of Solana bulls resumes buying activity and reignites Pump.fun, whose daily volumes have dropped by 43.37% since last week.
It’s a cascading effect, and the force is strong with those backing Solaxy in its current presale stage. The price is set at $0.001642 per token for the next 35 hours.
Retail Investors Mount Mass Exodus on Solana and Pump.Fun
Over the past seven days, $SOL has dropped by 10.4%, extending its losses to 40% from its all-time high (ATH) just over a month ago. Of course, the rise to its peak price was set in motion by U.S. President Donald Trump’s meme coins.
However, with the launch of Argentine President Javier Milei, the impact had the opposite effect.
Investors have likely seen the last straw with this latest and most blatant fraud and, as a result, have vented their frustrations on Solana, the preferred chain for meme coin launches.
Pump.fun was also a big casualty in the ire of meme coin investors, as the daily volume of Solana’s meme coin launch pad has noticeably decreased since last week.
From a two-week high of $249 million in daily volume, this has dropped to about $141 million on Thursday, marking a 43.37% decrease.
However, despite this, many top Pump.fun graduates have appreciated massively in the past 24 hours. Fartcoin ($FARTCOIN) soared by 22.1%, AI Rig Complex ($ARC) jumped 28.4%, and Fartboy ($FARTBOY) skyrocketed by 22%.
In fact, the total Pump.fun ecosystem market cap is up by 14% to $3.62 billion in the same time frame.
This suggests that while Pump.fun has slowed down in token launches and trading; capital may be shifting to some of the tokens that are quickly amassing a cult-like following.
There’s also strong reason to believe that capital is shifting toward solutions that could help Solana emerge from its current slump and address the ongoing network issues.
These solutions are key to making Solana the preferred chain for launching tokens beyond memes, and the most promising of these is its first Layer-2, Solaxy.
Solaxy Could Change Everything For Meme Coin Trading on Solana
As mentioned, Solaxy continues to enjoy success in its presale, reaching another successful funding stage. The capital it has amassed so far is a direct result of how it addresses the scalability issues faced by Solana.
The run-up to the Layer-1’s all-time high was not without its share of congestion issues, which only frustrated investors eager to capitalize on the fast-paced nature of meme coin trading.
However, network congestion can impact other functions as well as trading. For example, in June 2022, Solana experienced another outage episode caused by bots mining NFTs, disrupting the network.
Solaxy, as a Layer-2 solution, moves transactions away from Solana, processes them faster and more efficiently, and then submits them back to Solana as a single batch for validation.
Additionally, Solaxy’s technology offers a modular infrastructure featuring plug-and-play components that make it easy to build diverse applications.
Solaxy also highlighted significant progress earlier this month in rolling out its technology in preparation for its eventual go-live.
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Could SOLX Grow in Parallel With Solana ETF Skyrocket? Analysts Tease 350x Prediction
Because Solaxy provides a solution to Solana scaling, both could follow the same price trajectory. With the former enhancing the latter, the direction is heading upwards.
This is why market observers believe $SOLX has the potential to replicate Solana-like gains of 35,171.64% over its lifetime – a 351x increase.
Several influencers in the space, including ClayBro and Borch Crypto, share a similar, though more modest, projection.
At its current early stage, Solaxy presents an opportunity to secure tokens at a significantly lower price.
The Ethereum Layer-2 ecosystem is a $20 billion sector, with several tokens valued at over $1 billion. Solana’s Layer-2 ecosystem is just beginning to develop, and Solaxy is the first ticket into it.
Solaxy Is Going to Supercharge SOL: Don’t Miss Out
Being part of Solaxy’s journey to improve Solana starts in its presale. Head to the Solaxy website and connect your crypto wallet, like Best Wallet, to purchase $SOLX.
Best Wallet offers multichain support, making it the ideal platform for $SOLX, available on Ethereum and soon available on Solana. Download Best Wallet on Google Play or the Apple App Store.
Stay current with the latest developments around Solaxy by joining its community on X and Telegram.
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