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With Donald Trump’s Solana meme coins facing growing scrutiny amid broader concerns over his crypto ventures, the $33 million Solaxy presale stands to benefit from the spotlight.
Trump’s crypto activity — which also includes decentralized finance platform World Liberty Financial and a dollar-pegged stablecoin called USD1 — has alarmed lawmakers, who argue that his financial interests conflict with his responsibility to govern impartially.
Now, attention is zeroing in on TRUMP and MELANIA, Solana-based tokens launched earlier this year by Trump and his first lady, as symbols of that concern.
The scrutiny intensified after Trump announced a May 22 gala dinner for top holders of the TRUMP coin — an event lawmakers say offers elite political access in exchange for crypto investments.
Senator Elizabeth Warren labeled the event a conflict of interest and called Trump’s crypto dealings ”shady.”
In a letter co-signed by Senator Adam Schiff, she wrote that it “promises exclusive access to the presidency” for anyone making a “significant investment in one of the President’s business ventures.”
Senator Jon Ossoff called the planned event “an impeachable offence.”
The warnings came as House Democrats prepared to walk out of a joint congressional hearing today on crypto legislation to protest the Trump family’s entanglement in crypto businesses.
Solaxy Stands To Gain From The Trump Meme Coin Backlash
With the spotlight on Trump’s SOL meme coins, new layer-2 project Solaxy (SOLX) could be the big winner.
The Solaxy presale is among the most successful of the year after raising more than $33.4 million. If the scrutiny around TRUMP grows, it might prompt investors to look for less controversial alternatives.
Solaxy, designed to improve Solana’s efficiency, not only presents a less-controversial option, but also introduces a token with much more utility. This could be a major draw for investors looking to steer away from more speculative coins such as TRUMP and MELANIA.
Even after TRUMP surged after the gala dinner for top holders was announced, the meme coin is down 86% from its all-time high. Melania has plummeted 97%.
Solaxy will process and bundle transactions off of the Solana mainnet. Thereafter, it will call on the Solana mainnet for final validation only. This will increase the overall efficiency of the network, with the team aiming to achieve 10,000 transactions per second (TPS).
Popular YouTube channel 99Bitcoins, which has over 725K subscribers, says SOLX could soar 100X after launch.
Visit Solaxy to learn more.
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