Since the rise of the cryptocurrency sector, Bitcoin ($BTC) and Ethereum ($ETH) have been the leading names, with no other coins coming close. However, the landscape shifted in 2022 when Solana ($SOL) outperformed both for the first time across several metrics.
Following a significant drop in 2022 due to the FTX collapse, $SOL’s value surged by 2,000%. According to a report from Glassnode, in the 727 days post-FTX fallout, $SOL has outperformed both $BTC and $ETH for 344 days.
During this period, $SOL also attracted more capital than its two main competitors.
A key factor in this rapid growth has been the rise of meme coin activities on the Solana blockchain.
The demand for $SOL is largely driven by these meme coin transactions, leading its price to peak at $263 earlier this year.
Despite Achievements, $SOL is Down 22%. What Does This Imply?
Although $SOL has shown impressive performance against $BTC and $ETH, it has faced a decline since early December, dropping by 3.6% in just one day.
This downturn is attributed to the limitations of the Solana mainnet, which struggled to cope with increased user traffic, resulting in congestion and delayed transactions.
To tackle these issues, Solaxy has emerged, offering a layer-2 scaling solution designed to alleviate the main network’s constraints.
In simple terms, Solaxy aims to transfer some transactions away from Solana, thereby reducing congestion and enabling lower trading fees through quicker processing.
Should You Consider Investing in Solaxy’s New Token?
In conjunction with its Layer-2 network, Solaxy has launched a new token, $SOLX, which is currently in presale and has already raised over $6.2 million.
The presale price for one $SOLX is $0.001582 and is expected to rise before it becomes available on exchanges, making this the best entry point into the Solaxy ecosystem.
While gains in crypto are never guaranteed, analysts anticipate that $SOLX could see at least a 10x increase, with some experts speculating it might reach 100x potential due to its initial momentum, though it’s too early to confirm that possibility.
Exploring Opportunities with Solaxy
To participate in the $SOLX presale, head to the official Solaxy website, connect your wallet, and use $ETH, $BNB, or $USDT for payment. Credit card payments are also available, but they may incur higher fees.
Always remember to conduct thorough research before investing in any meme coin. It’s prudent to diversify your investments (with indexes like $MEMEX) and only invest what you can afford to lose.