With Solana celebrating its 5-year anniversary, the SOL token continues to sink. But is SOLX, Solana’s first ever L2, the much-needed savior for the chain?
Over the weekend, the Solana blockchain celebrated five years since the initial launch of its main net beta. This has been a whirlwind half-decade that has seen it become a top-10 cryptocurrency by market cap.
While Sunday’s (March 16) milestone is huge for the Solana ecosystem, which has seen the community celebrate en masse across social media, the fifth-year anniversary comes as the price of SOL continues to struggle.
Happy 5th birthday Solana fam! 🥳
408+ billion transactions.
1,300+ validators.
$987+ billion volume.Thank you to all the relentless founders, devs, and nCMOs around the globe who have made Solana what it is today — 5 years in, we're just getting started 🎊 pic.twitter.com/p89PynhjpJ
— Solana (@solana) March 16, 2025
Solana Team Celebrate 5th Anniversary With X Post Of Accomplishments
Not worrying about the current price action of its native token, the Solana team took to X to celebrate its longevity with the following post;
“Over 408 billion transactions attracted more than 1,300 validators, and volumes reached over $987 billion. Thank you to all the relentless founders, devs, and nCMOs around the globe who have made Solana what it is today – 5 years in, we’re just getting started.”
Solana genesis block was created on March 16, 2020. Since then, Solana has evolved into a leading network and a launchpad for some of the most popular meme coins in space today.
Even with the recent downturn in the price of meme coins, the Solana blockchain hosts two meme coins that are among the top 100 cryptocurrencies, per CoinGecko.
Official Trump (TRUMP) is ranked 52 with a market cap of over $2.2 billion, while Bonk (BONK) is 96th ranked, boasting a $850 million market cap.
Other notable Solana meme coins include Popcat (POPCAT) and Dogwifhat (WIF), which are ranked 270 and 144, respectively.
Despite the network success, SOL continues to struggle to regain its previous highs of nearly $300. It is currently trading for around $127, with a market cap of over $65 billion.
Recent attempts for SOL to push back over $150 have been rejected. This has caused a lot of fear across the Solana ecosystem as its meme coin sector has also been demolished.
Many believe that the Solana blockchain isn’t very useful without successful meme coins.
The Introduction Of Pump.fun Has Caused A Lot Of Controversy For Solana
While SOL is known for being a consistent top 10 crypto asset and is widely recognized as a market leading blockchain, the introduction of the Pump.fun launchpad has caused a lot of drama.
pumpfun is trending to zero at a crazy speed
the graduating token numbers are imploding
last month: 24,008
this month: 11,332
last wee: 2,184
this week: 517
yesterday: 186the number of tokens been launched daily are also falling off a cliff
similarly the overall pumpfun… pic.twitter.com/NMXB9YB8tR
— nooman (@n01man) February 26, 2025
After nearly a year of continuous scams and rug-pulls, available liquidity for fresh Pump.fun tokens is at an all-time low. An X user by the name of @no1man made a post in late February highlighting some damning statistics regarding the Solana launchpad.
The post showed that for February, the number of launched tokens, the trading volume and graduated token numbers were all down significantly for Pump.fun.
Worryingly, less than 1% of Pump.fun tokens succeed in graduating beyond the launchpad and onto the open market. Right now it is hard to imagine Pump.fun coming back from this as the market is seemingly wising up to it being a liquidity black hole that only insiders and scam artists profit from.
BONUS: Solaxy (SOLX) Hits $26 Million In Presale Funding As Solana’s First Ever Layer-2 Solution
One token within the Solana ecosystem that continues to thrive is its first-ever native Layer-2 project, Solaxy (SOLX). Over the weekend, it hit an incredible $26 million in presale funding, as the SOL community earmarked it as the shot-in-the-arm needed for Solana.
The Solaxy team has lofty goals to take the Solana blockchain to the next level. Their solution is designed to supercharge Solana by tackling the key issues that sometimes hold it back, notably network congestion, failed transactions, and scalability limitations.
If the meme coin sector within Solana surges back to life, SOLX could offer the perfect home for what could possibly be the next WIF or BONK.
Speed, memorability, and innovation are key to the success of any meme coin in 2025, and Solaxy has the tech to allow the next wave of blue-chip meme coins to thrive.
To secure a bag of SOLX before the price increases in 24 hours, visit the Solaxy website and connect your wallet (such as Best Wallet).
With its multi-chain support, Best Wallet provides a seamless way to manage $SOLX, currently available on Ethereum. The wallet recently expanded to Bitcoin and is set to launch on Solana soon.
Download Best Wallet from Google Play or the Apple App Store to get started and participate in the Solaxy presale.
Stay updated on Solaxy’s latest developments by joining its X and Telegram communities.
Visit The Solaxy Presale Website
DISCOVER: Best New Cryptocurrencies to Invest in 2025
Join The 99Bitcoins News Discord Here For The Latest Market Updates
Solana celebrates 5 year anniversary but SOL continues to dump
- The Solana team celebrated 5 years with a post highlighting key achievements
- In 5 years, Solana has become a leading blockchain and its SOL token has cemented its place as a top 10 digital asset
- Pump.fun controversy has dragged SOL down as 98% of tokens launched on the meme coin launchpad die or rug-pull
- Solana L2 solution, Solaxy (SOLX) hits $26m in presale funding as the SOL community turn its attention to true utility on the struggling blockchain
Why you can trust 99Bitcoins
Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.
Weekly Research
100k+Monthly readers
Expert contributors
2000+Crypto Projects Reviewed
Free Bitcoin Crash Course
- Enjoyed by over 100,000 students.
- One email a day, 7 days in a row.
- Short and educational, guaranteed!
Maximize Your Trading With Margex’s 20% Deposit Bonus
‘Buy in May, Get Paid in June?’ – $300K Bitcoin Calls Heat Up, BTC Bull Token Is Locked In
CoinGecko Report Analysis: What Moved Crypto in Q1 2025?
10 Best Crypto Bonuses in 2025 – Top Exchange Offers & Promotions
BingX Launches $10 Risk-Free Copy Trading Voucher for New Users in Exclusive Event
