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After the $TRUMP and $MELANIA coins launched on the Solana blockchain this weekend, SOL is up 45.57 %, surpassing $10B TVL (Total Value Locked) for the first time since the FTX collapse two years ago.
However, this success has not come without its challenges. As Solana struggles to deal with the congestion caused by an unprecedented (no pun intended) surge in transactions, this Solana Layer-2 solution, Solaxy ($SOLX), couldn’t come up at a better time.
On 19 January, the $SOL price soared to a new all-time high above $290 and a market cap above $128B in direct relationship to the mania around the Trump-family meme coins.
Can $TRUMP & $MELANIA Get Along?
First came $TRUMP after incoming US president Trump announced his official meme coin on X late on Friday, 17 January.
The $TRUMP meme coin attracted massive trading volumes of some $3B over the weekend, reaching its peak at $6B in market cap and $30B in fully diluted value within 24 hours.
Trump’s coin went on to become the third-largest cryptocurrency across all blockchains in terms of market capitalization by Sunday, before suddenly falling back, just as the MELANIA coin launched and started gaining traction.A Tough Act to Follow
Like her husband’s coin before her, $MELANIA shot the lights out, surging over 21,000% and reaching $12B in less than three hours from launch on Sunday, 19 January.
Indeed, the two Trump family meme coins sent traffic on Solana ($SOL) through the roof over the weekend. While this helped $SOL generate over $35 million in fees and at least $14 million in revenue, the pre-inauguration surge also led to some of Solana’s ecosystem applications, like Jito and Phantom reporting technical difficulties and delays.
As the pressure on Solana’s blockchain mounts, a project like Solaxy ($SOLX) is in a great position to make its debut.
What Is Solaxy?
Solaxy is the token powering the first-ever Layer-2 (L2) blockchain built on Solana. The L2 Solana network will tackle the network congestion, scalability issues, and failed transactions we’ve seen during this recent peak trading activity.
While the Layer 2 won’t be ready to take the pressure off during this current TRUMP surge, it will lay the foundation for Solana’s future expansion.
$SOLX is based on Ethereum and aims to tap into the liquidity of Ethereum to enhance Solana, enabling faster, cheaper, and more reliable transactions at a scale previously unseen.
The $SOLX token presale launched on December 12, 2024, and has already raised close to $12M ($11.93M). To date, the token price has gone from $0.001 to over $0.0016 — a 60% increase, reflecting significant investor interest.
With demand for Solana’s infrastructure only rising, analysts believe Solaxy could reach $0.025 by the end of 2025, offering potential returns of 1,462.5% for presale investors, with even higher gains for early adopters. Early $SOLX investors also benefit from dynamic staking rewards, currently offering 306% annual returns.
The Solaxy network is still under development and is only slated for release later this year, but its promise to address Solana’s pain points has already attracted marked interest, as its growing community on Telegram and 61K follower count on X testify.
Solaxy to Rise 100x?
As Solana’s galaxy of meme coins continues to expand, Solaxy’s positioning as an L2 project for the meme coin market, along with its attractive early investor rewards, could set it up to become Solana’s next 100x coin by the year’s end.
However, as with any new cryptocurrency, the risks remain, and you should always DYOR.
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