SOLX token saw a massive whale buy of about $1 million overnight last weekend and it is mindblowing. The significant market boost can be attributed to the post the 47th president of The United States made on his social media account on Sunday. The message has led to a widespread market adoption of quoted cryptocurrencies including Ripple ($XRP), Cardano ($ADA) and $SOL. Meanwhile, Solana now has a pioneering Layer-2 solution, Solaxy, launched to counteract the congestion problem faced on the chain. This new development has driven significant investor interest to hit a pre-sale amount of $25 million from previously being about $24 million on Saturday.
President Donald Trump’s Post on Sunday 2nd March
What is SOLAXY?
Solaxy is a Layer-2 scaling solution launched on Solana and is tasked with the necessary duty to improve the network’s efficiency by processing transactions off-chain before documenting them on the main net. The details would still remain decentralized and secured and Solana could have faster transactions.
Addressing delays on the Solana network, Solaxy launched her very own native token, SOLX. The price per SOLX is currently $0.001656, and the trading volume over a 24-hour period is $34.834K. However, since Solaxy operates on Solana, its success could also indirectly benefit SOL by increasing demand for the Solana ecosystem.
How Did Solaxy Raise $25Million in its Presale?
For it’s fast market adoption and rapid fund raising, there are five estimated reasons:
- Aggressive Marketing: Solaxy’s team undertook an aggressive marketing strategy based on social media marketing, influencer partnerships, and targeted promotion to generate widespread visibility. This attracted retail and institutional investors who liked Solaxy as Solana’s first Layer-2 solution.
- Whale Investment: Solaxy witnessed a huge inflow of investments, with more than $1 million being raised within a 24-hour period. The rapid accumulation of capital signaled strong market confidence and attracted further interest from institutional and retail investors.
- Influencer Endorsement: President Donald Trump in March signed an executive order to establish a U.S. Crypto Strategic Reserve, which validated digital currencies and gained trust for the crypto space, allowing crypto to be a recognized form of assets. This facilitated the push for higher adoption of leading tokens, including Solana ($SOL), which in turn had a positive effect on Solaxy as a leading player in the space.
- Scalability of Solana Network: Solaxy was introduced as the first Layer-2 solution on Solana, addressing congestion issues that previously delayed transactions. Through its improved efficiency and scalability of the blockchain, Solaxy proved to be a necessary enhancement of the network, which made it an attractive investment for individuals interested in funding Solana’s long-term growth.
- Affordability: The entry price of $0.001656 per SOLX made it highly affordable to a broad range of investors. The low cost made it accessible to retail investors with ease, hence accelerating the rapid fundraising milestone.
Source -Solaxy Threads
WHAT SETS SOLAXY’S PRESALE APART?
Investors are smiling down on Solaxy. Since it launched in mid-December, Solaxy’s presale has continued to gain traction. The majority of presales in the industry have hard caps or predetermined end dates, but Solaxy’s team is adopting a more accommodating strategy. After the fundraising phase is over, they intend to list SOLX on a decentralized exchange.
SOLX can be purchased by early investors using a credit/debit card or cryptocurrency. Additionally, SOLX may be purchased via the Best Wallet mobile app, which makes it simple for smartphone users to access. As for now, there has been no official announcement of the meme coins presale end date. For further information, check out the Solaxy official website.
