Solaxy ($SOLX), the first Layer-2 blockchain built on Solana, has raised over $22 million during its presale. This achievement comes amidst a broader market downturn triggered by the “Rug Pull” incident involving the Libra ($LIBRA) token, which has led to a 9% drop in SOL’s price in the last 24 hours. Despite the market turbulence, investor sentiment surrounding Solaxy remains strong, with daily presale contributions reportedly exceeding $350,000. Early backers can still buy $SOLX tokens at a presale price of $0.001638 before the upcoming increase.
Investors react to Libra crisis: What’s next for Solana?
The fallout from the market decline has affected Solana after it recently touched an all-time high (ATH) of $293 following the unexpected launch of meme coins associated with Donald Trump. Currently, the $SOL token is trading at approximately $169.57, erasing all gains since its ATH on January 19, 2025.
The recent 9% drop in Solana’s price is linked directly to the “Rug Pull” incident allegedly masterminded by Argentina’s President Javier Milei, who had promoted the $LIBRA token in a now-deleted tweet, which has led to a wave of lawsuits. According to data from DexScreener, $LIBRA initially reached a market cap of over $4.5 billion following its launch on February 15, but this has since collapsed to just $298 million, marking a significant decline of over 93.38%.
Investors are still haunted by memories of the previous meme coins tied to the Trump family, leading to frustration towards Solana. This scandal prompted Mr. Alon, the founder of Pump.fun, to demand better user protection on his platform. However, some analysts suggest that the current downturn for Solana could be temporary, particularly as capital keeps flowing into Solaxy, the blockchain’s first Layer-2 solution.
Solaxy ($SOLX): A potential catalyst for SOL price resurgence?
Solana is in need of a strong catalyst to reach a new ATH, and this could happen sooner than expected given the current presale activity for Solaxy. As a Layer-2 blockchain, Solaxy is designed to alleviate some of Solana’s transaction load, thus helping to mitigate network congestion issues.
Key to Solana’s resurgence could be the potential launch of Solana-based ETFs this year, as many investors eye a price target of $400 for the token. Solaxy has recently made developer-focused updates detailing how its Layer-2 solution operates, emphasizing the ongoing enhancements to transaction processing through rollups, which enhance scalability and privacy.
The infrastructure for Solaxy is progressing well, focusing on connecting Solana with other blockchains, including Ethereum, to ensure secure and efficient asset transfers. The team is also conducting extensive testing on Solana’s mainnet in collaboration with partners such as Sovereign Labs and Hyperlane to optimize performance and security, aiming for long-term growth and scalability.
Ultimately, Solaxy is positioned as a groundbreaking project aimed at addressing Solana’s persistent issues. Upon its launch, it could serve as a powerful long-term solution, enabling the Layer 1 network to realize its full potential.
How to buy and secure $SOLX in presale
For those looking to achieve astronomical returns akin to Solana’s growth, acquiring $SOLX tokens at the lowest possible price is essential. The presale price is indeed attractive. Here’s how to purchase $SOLX:
- Visit the Solaxy website
- Connect your crypto wallet, such as Best Wallet
Best Wallet is a multi-chain web3 wallet compatible with Ethereum and soon Solana, providing an ideal platform for $SOLX. Stay informed by joining the Solaxy community on X and Telegram for real-time updates on this Layer-2 solution for Solana.
Crypto assets represent a risky investment.
Disclaimer: This article does not constitute investment advice. The information provided should not be used as a basis for making financial decisions. Cryptocurrency investments carry risks and can result in significant losses. It is recommended to only invest what you can afford to lose and to conduct your own research before making any investment decisions.
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