While established tokens such as Grass (GRASS) and Mantra (OM) are all struggling to regain momentum as Bitcoin heads back toward $90k, Solaxy (SOLX) has just hit $31 million in presale funding.
GRASS and OM are currently down 6.4% and 1.5% on the day, respectively. At the same time, the SOLX project continues to be one of the biggest presales of 2025 as the first-ever Layer-2 solution on Solana.
Take a trip in the Solaxy! 🛸🪐
31M Raised! 🔥 pic.twitter.com/0iTcX4cqxh
— SOLAXY (@SOLAXYTOKEN) April 21, 2025
GRASS Struggling To Break Out Of Longstanding Downtrend
GRASS crypto has been in a downtrend since April 2 this year, making higher lows and lower highs for nearly three weeks. In that same timeframe, GRASS has attempted to breach the $2 level on three occasions, falling short on each subsequent try.
The last attempt came on April 7, and the rejection at $1.90 has led to a steady drop to its current price of roughly $1.6. In the short term, there is heavy resistance around $1.73, which GRASS will need to overcome before another attempt at $2.
It was last above $2 at the beginning of March, nearly six weeks ago now, and the longer it takes GRASS to breach this level, the heavier the resistance will become.
There is the addition of poor tokenomics for GRASS, which isn’t helping its holders. On April 30, around $5.97m worth of GRASS will be entered into circulation, totalling 3.71m tokens, per cryptorank.io.
Adding more tokens to circulation will only inflate the market cap while diluting the price of GRASS. This move comes at a difficult time for the project, which continues to try and fail to break out.
Grass is a decentralized network that empowers users to monetize their unused internet bandwidth. Powered by the GRASS token, people can earn rewards for sharing their unused resources.
As of now, it has a market cap of $444 million and a fully diluted valuation of $1.6 billion. Per CoinGecko, GRASS is the 149th largest cryptocurrency by market cap.
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Mantra Team Burning 150 Million OM Tokens Hasn’t Stopped The Skid
Me celebrating Bitcoin’s +3% pump after losing millions in $OM : pic.twitter.com/C9i1YzkbR5
— Evan Luthra (@EvanLuthra) April 22, 2025
Following last week’s crash of the OM token, which led to its falling over 90% and wiping out around $6 billion in market cap, things are not looking any better today.
Mantra founder John Mullin has begun burning his team’s allocation of OM tokens, totalling around $80 million. This is in a bid to regain the community’s trust after many claims of a rug pull, which Mantra has vehemently denied.
Crashing from $6.82 to its current price of $0.52, OM has fallen a further 1.5% overnight, potentially showing that the token burn initiative is not enough to stop the free fall.
Prior to the flash crash, which Mantra hinted was caused by a few major exchanges, OM was a leading RWA project with a market cap of over $6 billion. Now, it is the 139th largest cryptocurrency by market cap, at just over $495 million.
No matter who was at fault, if the Mantra team can’t stem the bleeding for OM, it will likely sink even further as trust within the community looks burned beyond repair.
BONUS: Solaxy (SOLX) Hits $31m In Presale Funding – Positioning Itself As The Must-Have Play In 2025
Solaxy (SOLX) is well on its way to becoming the biggest presale of 2025, with over $31 million raised so far. Investors are betting big on SOLX, which stands apart as the first-ever L2 solution on Solana.
While Ethereum is full of competing L2s, from Arbitrum to Base to Optimism, Solana has not had a native L2 solution until now: Solaxy.
This new L2 has now launched its blockchain explorer on testnet. Solaxy lays the groundwork for tracking transactions across its L2 before bundling and sending them back to Solana’s mainnet for completion.
Built on roll-up technology using Solana’s monolithic architecture, Solaxy’s ultimate aim is to support the Solana network at all times by easing the burden at peak usage.
Solana has been known to buckle under pressure, with constantly failing transactions and sometimes even full outages. SOLX fixes this, and the community clearly agrees it’s a much-needed addition to the ecosystem, with over $31 million raised so far.
How To Buy Solaxy (SOLX) Before The Presale Comes To An End:
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
The Solaxy presale has picked up serious momentum recently, smashing past $30 million and hitting $31 million less than 48 hours later. The next milestone is set at $32 million, which seems a foregone conclusion at this point.
To join the presale, connect your wallet to the Solaxy website. For the best experience, we recommend using Best Wallet, which lets you view your $SOLX tokens even before launch and supports seamless multichain access across Ethereum and Solana.
Stay locked in with the Solaxy community on X and Telegram for real-time updates and announcements.
DISCOVER: 20+ Next Crypto to Explode in 2025
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