Solana Down 22% in December, Can Solaxy Help It Realize Its Full Potential?

Ever since the crypto industry gained momentum, Bitcoin ($BTC) and Ethereum ($ETH) are the two names that have been dominating the market. No one ever managed to come close. But the tables turned in 2022. For the first time ever, Solana ($SOL) has managed to beat both in multiple areas.

$SOL experienced an all-time low in 2022 with the collapse of FTX. Since then its value grew by 2,000%. As per a Glassnode report, in the 727 days since the FTX collapse, $SOL outperformed both $BTC and $ETH on 344 days.

Similarly, in that timeframe, $SOL has witnessed more capital inflow than both $BTC and $ETH.

One of the biggest reasons behind this sudden growth is the increase in meme coin activity on the Solana blockchain.

$SOL powers all these meme coin transactions. This means that demand for Solana-based meme coins pushes demand for $SOL, which took its value to an all-time high of $263 earlier this year.

But $SOL Is Down 22% So Far. What Does This Mean?

Despite outperforming both $BTC and $ETH, $SOL’s price has been on a consistent decline since early December. Today alone its price went down by 3.6%.

One of the biggest reasons for that are the limitations of the Solana mainnet. It wasn’t ready to handle the sudden surge in traffic, which led to congestion and slower transactions.

This is where Solaxy comes in – a new layer-2 scaling solution for Solana that addresses all the problems of the main network.

Simply put, it aims to offload part of the transactions from Solana to reduce network congestion. Investors will also enjoy lower trading fees thanks to faster processing.

Is Solaxy’s New Token Worth Investing In? 

Solaxy’s Layer-2 network also introduces a new token called $SOLX. The token is currently on presale and has already raised more than $6.2M.

One $SOLX is currently available at $0.001582. However, the price will increase gradually before we’ll see the token on exchanges. This means there will be no lower entry point into Solaxy’s ecosystem than now.

While there’s no way to guarantee gains in the crypto market, analysts expect $SOLX to explode at least 10x. Some industry experts go as far as to speculate that $SOLX might be the next 100x token owing to its early momentum. However, it’s a little too soon to say that with confidence.

A Solaxy Full of Opportunities

To join 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, but the transaction fee might be higher.

Remember, always do your own research before putting your hard-earned money in any meme coin. Diversify your portfolio (indexes like $MEMEX can help you in this) and don’t invest more than you can afford to lose.