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Solana’s first Layer-2 chain, Solaxy ($SOLX), has rocketed past $22 million in presale, even as $SOL drops 9% amid the Libra ‘rug pull.’
Solaxy investors appear largely unfazed by the broader bearish sentiment in the market. In fact, within just one week, Solaxy saw over $2 million in new $SOLX buys, putting its daily run rate at over $350,000.
The current presale stage for Solaxy values $SOLX at $0.001638, and investors have less than five hours to purchase at this price before the next stage’s scheduled price increase.
Libra Turmoil Weighs On Solana As Investors Vent Anger
Solana has felt the effects of the broader market downturn since reaching its peak price of $293 following the surprise launch of Trump’s meme coins.
At its current price of $169.57, SOL has nearly erased all its gains from around $175 on January 14 to its ATH on January 19.
The so-called Ethereum killer’s recent 9% drop in the past 24 hours resulted from the supposed “rug pull” of the $LIBRA token, allegedly orchestrated by Argentine President Javier Milei, who promoted it in a now-deleted post on X, leading to a wave of lawsuits.
According to DexScreener data, $LIBRA spiked to over $4.5 billion on launch day (Feb. 15) but has since cratered and is now worth only $298 million – a more than 93.38% drop.
This Trump-like stunt left a sour taste in the mouths of meme coin investors, and many took it out on Solana. The scandal has even led Pump.fun founder Alon to call for better user protection.
However, there is good reason to believe that Solana’s current downturn might be temporary, as capital seems to be continuously flowing into its first Layer-2 chain, Solaxy.
Solaxy Could Be The Catalyst To Fire Solana To New Highs
Solaxy’s launch could be the catalyst Solana needs to hit a new all-time high (ATH), and this could happen sooner given the current buying activity in its two-month-old presale.
What Solana needs now is another solid catalyst to reignite its bullish narrative, which is also supported by the potential launch of Solana ETFs this year and investors eyeing $400 as the next price target for the coin.
Solaxy has recently released developer updates detailing how its Layer-2 solution is taking shape.
The Solaxy infrastructure is progressing well, focusing on improving transaction processing through rollups, which enhance scalability and privacy. The team is also developing a bridge to connect Solana with other blockchains like Ethereum to ensure secure and efficient asset transfers.
Additionally, Solaxy is conducting extensive testing, including internal benchmarks on Solana’s mainnet, and collaborating with partners such as Sovereign Labs and Hyperlane to optimize security and performance. These efforts aim to ensure the platform’s long-term growth and scalability.
Solaxy is the first project to address Solana’s persistent issues head-on. When it launches, it could become a powerful long-term solution that would allow the Layer-1 network to fully realize its potential.
Solaxy and Solana could experience symbiotic growth, given the former’s role in improving the latter’s scalability.
As a Layer-2 chain, Solaxy alleviates some of Solana’s transactional burden, helping reduce potential congestion issues.
As mentioned, Solaxy is introducing a bridge to Ethereum, which could connect the world of DeFi with Solana’s fast-growing meme coin scene. At the heart of everything is $SOLX, which serves as the primary currency for transactions within the Solaxy ecosystem.
Thus, its investment thesis is largely similar to Solana’s, meaning it provides indirect exposure to the coin. However, due to Solaxy’s presale status, $SOLX has significantly more room for growth, potentially offering moon-like returns similar to when Solana was trading at $0.50.
With $SOL’s peak at $293, investors who bought early would have seen a 58,500% return – turning a $1,000 investment into $585,000.
Popular crypto education websites share this outlook for $SOLX, suggesting a more modest 100x return for the token.
Secure $SOLX At Presale, Lock In Solana-Like Gains
Replicating Solana’s astronomical returns requires securing $SOLX at its lowest price, which is likely during the presale.
Maximizing gains means getting in at the best possible price. To purchase $SOLX, visit the Solaxy website and connect your crypto wallet, like Best Wallet.
Best Wallet offers multichain support, making it the ideal platform for $SOLX, which is available on Ethereum and will be soon on Solana.
Join the Solaxy community on X and Telegram.
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