Solaxy (SOLX) Is Rapidly Approaching the $40 Million Mark as the Presale Nears Its End

Let's take a look at what makes Solaxy a unique addition to the meme coin space and how it intends to help Solana users avoid the network's congestion-related issues.

Solana’s Layer 2 hopes to help the network avoid congestion issues

The project has already raised more than $1.5 million in less than two days

The project is also developing a token launchpad and a cross-chain swap

Solana’s Layer 2 project Solaxy (SOLX) is rapidly approaching the $40 million mark as the presale nears its end.

Let’s take a look at what makes Solaxy a unique addition to the meme coin space and how it intends to help Solana users avoid the network’s congestion-related issues.

Renewed Investor Interest in Solana Paves the Way for Solaxy’s Explosive Debut

With Bitcoin (BTC) surging past the $100,000 mark in mid-May, while the broader crypto market cap stands at $3.35 trillion, altcoins are now gaining momentum. Solana (SOL) saw its price reach $184 on May 14th, while its ecosystem’s meme coins surpassed $13 billion in total value.

Solana-based tokens like Peanut the Squirrel (PNUT) and dogwifhat (WIF) are now boasting triple-digit gains over the past 30 days, despite having limited infrastructure and use cases.

In comparison, Solaxy intends to join the market with a Layer 2 solution for Solana and a feature-rich ecosystem designed to benefit Solana’s users, which could position it for much larger gains on launch.

Leveraging rollups, its Layer 2 blockchain will ensure transactions on Solana remain fast and reliable even during high-traffic hours, which have previously seen transactions fail or take days to finalize.

With Solana’s on-chain metrics improving over the past month, with total value locked (TVL) at a massive $9.2 billion, which places it above BNB Smart Chain, Base, Tron, and most other chains, Solaxy’s solution could be arriving at a perfect time.

We’re going interstellar! 🛸38M Raised! 🔥

Huge shoutout to the amazing Solaxy community for pushing us past another milestone. We couldn't have done it without you! Together, we're making history one step at a time. Next stop: $40M! 🚀

Invest in the future of Solana with Solaxy today!🔗https://t.co/M6GqSb6j9Ipic.twitter.com/8c9wG4yA6c

— Solaxy Network (@SolaxyNetwork) May 18, 2024

At the same time, the project is engaging in interesting social media campaigns to generate buzz among crypto enthusiasts.

For instance, the team is actively participating in the discussion around a "new Solana meme coin that went up 800% in 30 days." While not explicitly naming the token, it appears to be referring to Peanut the Squirrel (PNUT), which has indeed seen significant price surges recently.

Highlighting the advantages of Solaxy over existing Solana tokens, the post claims that while other coins offer "no use case, small community, and a scam rugpull," Solaxy boasts a Layer 2 solution, a large community, and a "safu" token with no liquidity issues.

This messaging could help to pique the interest of investors who are already familiar with the Solana meme coin ecosystem and are looking for a new and promising investment opportunity.

At the same time, the project saw a spike in whale activity this month, with two whales spending $200,000 and nearly $400,000 to secure a significant share of SOLX in the month’s first half alone.

Solaxy Token Launchpad and Cross-Chain Swaps Fuel Investor Excitement

While the potentially faster transaction speeds and lower gas fees for Solana users are already a reason to celebrate Solaxy’s launch, the project will roll out many more features.

The team behind SOLX has now officially announced the Igniter Protocol, Solaxy’s token launchpad that will help its users launch new tokens even with no previous experience. The announcement seems to resonate with investors, as it was immediately followed by mass investments that added over $1 million to Solaxy’s funds counter.

Announcing the Igniter Protocol! 🔥

Igniter Protocol is a token launchpad that will make launching new tokens on Solaxy a breeze. No experience needed! We're making it easier than ever to build the future of Solana together.

Join the revolution today! Invest in Solaxy now!🔗https://t.co/M6GqSb6j9Ipic.twitter.com/qV7I97Z89v

— Solaxy Network (@SolaxyNetwork) May 20, 2024

Plus, the Solaxy bridge, of which the testnet version is now live, will