Since the crypto industry gained momentum, Bitcoin ($BTC) and Ethereum ($ETH) are the two names dominating the market. No one ever managed to get closer. But in 2022 the tide turned. For the first time ever, Solana ($SOL) managed to beat both in multiple areas.
$SOL experienced an all-time low in 2022 with the collapse of FTX. Since then, its value has increased by 2,000%. According to a Glassnode report, in the 727 days since FTX collapsed, $SOL outperformed both $BTC and $ETH on 344 days.
Similarly, $SOL saw larger capital inflows than $BTC and $ETH during this period.
One of the main reasons for this sudden growth is the increase in meme coin activity on the Solana blockchain.
$SOL supports all of these meme coin transactions. This means that demand for Solana-based meme coins is driving demand for $SOL, whose value reached an all-time high of $263 earlier this year.
But $SOL is down 22% so far. What does that mean?
Despite outperforming both $BTC and $ETH, the price of $SOL has been steadily declining since early December. Today alone the price has fallen by 3.6%.
One of the main reasons for this is the limitations of the Solana mainnet. It was not ready to handle the sudden increase in traffic, which led to congestion and slower transactions.
This is where Solaxy comes into play – a new Layer 2 scaling solution for Solana that addresses all mainnet problems.
In simple terms, it aims to offload a portion of Solana’s transactions to reduce network congestion. Thanks to faster processing, investors also benefit from lower trading fees.
Is Solaxy’s new token worth investing in?
Solaxy’s Layer 2 network is also launching a new token called $SOLX. The token is currently in presale and has already raised more than $6.2 million.
One $SOLX is currently available for $0.001582. However, the price will gradually rise before we see the token on exchanges. This means that there will be no lower entry point into Solaxy’s ecosystem than there is now.
Although there is no way to guarantee profits in the crypto market, analysts expect $SOLX to explode at least 10x. Some industry experts are even going so far as to speculate that $SOLX could be the next 100x token based on its early momentum. However, it’s a little too early to say with confidence.
A consolation full of possibilities
To participate in the $SOLX presale, visit the official Solaxy website, connect your wallet and pay with $ETH, $BNB or $USDT. You can also pay with a bank card, although the transaction fee may be higher.
Remember to always do your own research before putting your hard-earned money into a meme coin. Diversify your portfolio (indices like $MEMEX can help you with this) and don’t invest more than you can afford to lose.