Pump.enjoyable Quantity Decreases by 43.37% After $LIBRA Incident, While Solana’s Initial Layer-2, Solaxy, Secures $22.7M in ICO

Solana ($SOL) continues to experience the repercussions of the negative aspects of cryptocurrency, highlighted by the $LIBRA controversy, as its price remains below $180.

Meanwhile, its inaugural Layer-2 chain, Solaxy ($SOLX), is actively attracting new investments, with its presale accumulating $22.7 million.

In just the last three days, Solaxy has recorded over $700,000 in new $SOLX purchases, which supporters of Solana may view as their sole opportunity for the network to surpass its January peak.

A resurgence in meme coins could be initiated if the coalition of Solana advocates resumes purchasing activity and revitalizes Pump.enjoyable, whose daily trading volumes have decreased by 43.37% since the previous week.

This creates a cascading effect, and the momentum is strong among those supporting Solaxy in its current presale phase, where the price is set at $0.001642 per token for the next 35 hours.

Frustrated investors respond to Solana and Pump.enjoyable

Over the last week, $SOL has declined by 10.4%, extending its losses to 40% from its all-time high (ATH) just over a month ago.

Notably, the ascent to its peak value was triggered by U.S. President Donald Trump’s meme coins.

However, with the emergence of Argentine President Javier Milei, the influence had the opposite effect.

Investors may have reached their breaking point with this latest and most blatant fraud, leading them to express their frustrations towards Solana, the favored chain for meme coin launches.

Pump.enjoyable has also suffered significantly from the backlash of meme coin investors, as the daily volume of Solana’s meme coin launch platform has noticeably declined since last week.

From a two-week peak of $249 million in daily volume, this has fallen to approximately $141 million on Thursday, representing a 43.37% decrease.

Nevertheless, despite this, many of the top Pump.enjoyable graduates have seen significant gains in the past 24 hours.

Fartcoin ($FARTCOIN) surged by 22.1%, AI Rig Complicated ($ARC) increased by 28.4%, and Fartboy ($FARTBOY) skyrocketed by 22%.

In fact, the overall market capitalization of the Pump.enjoyable ecosystem has risen by 14% to $3.62 billion during the same period.

This indicates that while Pump.enjoyable has slowed down in terms of token launches and trading, capital may be shifting towards certain tokens that are rapidly gaining a dedicated following.

There is also strong reason to believe that capital is moving towards solutions that could assist Solana in overcoming its current downturn and addressing ongoing network issues.

These solutions are crucial for establishing Solana as the preferred chain for launching tokens beyond just memes – and one of the most promising of these is its first Layer-2, Solaxy.

The emergence of Solaxy may rejuvenate Solana

As previously mentioned, Solaxy continues to thrive in its presale, achieving another successful funding milestone. The capital it has gathered thus far is a direct result of its approach to addressing the scalability challenges faced by Solana.

The ascent to the Layer-1’s all-time high was not without its share of congestion issues, which frustrated investors eager to take advantage of the fast-paced nature of meme coin trading.

However, network congestion can impact other functionalities beyond trading. For instance, in June 2022, Solana experienced another outage caused by bots mining NFTs, disrupting the network.

Solaxy, as a Layer-2 solution, relocates transactions away from Solana, processes them more quickly and efficiently, and then submits them back to Solana as a single batch for validation.

Additionally, Solaxy’s technology offers a modular infrastructure that includes plug-and-play components, facilitating the development of various applications.

Solaxy also reported significant advancements earlier this month in rolling out its technology in preparation for its eventual launch.

Could $SOLX Grow Alongside $SOL – Could It Achieve 351x as Well?

Since Solaxy provides a solution to Solana’s scaling issues, both may follow a similar price trajectory. With the former enhancing the latter, the trend appears to be upward.

This is why market analysts believe $SOLX has the potential to replicate Solana-like gains of 35,171.64% over its lifetime – a 351x increase.

A similar, albeit more conservative, projection is shared by several influencers in the space, including ClayBro and Borch Crypto.

At its current early stage, Solaxy presents an opportunity to acquire tokens at a significantly lower price.

The Layer-2 ecosystem of Ethereum is a $20 billion sector, with several tokens valued at over $1 billion. Solana’s Layer-2 ecosystem is just beginning to develop, and the primary entry point into it is none other than Solaxy.

Join Solaxy’s journey to restore stability to Solana

Participating in Solaxy’s mission to enhance Solana starts with its presale. Visit the Solaxy website and connect your crypto wallet, such as Best Wallet, to purchase $SOLX.

Best Wallet offers multichain support, making it the ideal platform for $SOLX, which is available on Ethereum and will soon be accessible on Solana. Download Best Wallet on Google Play or the Apple App Store.

Stay updated with the latest developments surrounding Solaxy by joining its community on X and Telegram.

The post Pump.enjoyable Volume Drops 43.37% Following $LIBRA Scam, While Solana’s First Layer-2, Solaxy, Raises $22.7M in ICO appeared first on Cryptonews.