In 2022, a new player has emerged in the cryptocurrency market that has managed to outperform both Bitcoin and Ethereum. Solana ($SOL) has seen a significant increase in value after experiencing an all-time low following the collapse of FTX. In the 727 days since then, $SOL has outperformed $BTC and $ETH on 344 days according to a Glassnode report. Additionally, $SOL has witnessed more capital inflow than both Bitcoin and Ethereum during this time period.
The sudden growth in Solana’s value can be attributed to the increase in meme coin activity on the Solana blockchain. The demand for Solana-based meme coins drives the demand for $SOL, pushing its value to an all-time high of $263 earlier this year. However, despite its impressive performance, $SOL’s price has been on a consistent decline since early December, dropping by 22% so far.
One of the primary reasons for the recent price decline of $SOL is the limitations of the Solana mainnet, which was not prepared to handle the sudden surge in traffic. This led to congestion and slower transactions on the network. To address these issues, a new layer-2 scaling solution for Solana called Solaxy has been introduced. Solaxy aims to offload some transactions from the Solana mainnet to reduce network congestion and provide faster processing, as well as lower trading fees for investors.
Solaxy has also introduced a new token called $SOLX, which is currently in presale and has already raised more than $6.2 million. The token is available at a price of $0.001582 during the presale, but its price is expected to increase gradually before being listed on exchanges. Analysts anticipate that $SOLX could potentially see gains of at least 10x, with some experts speculating it could even reach 100x due to its early momentum.
To participate in the $SOLX presale, individuals can visit the official Solaxy website, connect their wallet, and pay with cryptocurrencies such as $ETH, $BNB, or $USDT. Payment with a bank card is also an option, although the transaction fee may be higher. It is essential to conduct thorough research before investing in any meme coin, diversify your portfolio, and only invest what you can afford to lose. Indexes like $MEMEX can help in diversifying your cryptocurrency investments and reducing risk.
