Solaxy Surges Past $16.3M in Presale Amid Solana's Meme Coin Frenzy

Solaxy, the first-ever Layer-2 scaling solution for Solana, has crossed the $16.3 million presale milestone, reflecting growing investor confidence in its potential to transform the network. The surge comes as Solana’s meme coin launchpad, Pump.fun, recorded an unprecedented $3.3 billion in weekly trading volume, driven largely by a wave of Trump-themed meme coins following the surprise token launches linked to the new U.S. president.

On January 23 alone, trading on the platform soared past $544 million, smashing previous single-day records, according to Dune Analytics data. However, the spike in transactions also caused severe congestion on the Solana blockchain. With Solana struggling to handle such massive trading volumes, investors are turning to Solaxy as a promising fix.

By processing transactions off the main Layer-1 chain, Solaxy aims to reduce congestion, lower transaction fees, and enhance processing speeds, which are critical improvements for a network aiming to scale efficiently. The Solana community has embraced Solaxy, driving strong demand for $SOLX tokens since the presale began just over a month ago. Currently priced at $0.001624 per token, this rate is set to increase in just two days as the presale moves to its next funding phase.

The recent explosion of Trump-themed meme coins on Pump.fun significantly impacted Solana’s blockchain activity. Reports suggest that over 6,800 tokens were launched using variations of the “Trump” name, many created with the intent of misleading investors by capitalizing on the success of Official Trump ($TRUMP) and Official Melania ($MELANIA). This frenzy led to Solana validators collecting $25 million in transaction fees, as traders scrambled to process transactions amid network congestion.

The overwhelming demand slowed down one of the fastest and most cost-effective blockchains, forcing traders to pay higher fees to push their transactions through. This is the problem Solaxy is designed to solve, ensuring Solana can better manage high trading volumes and maintain its efficiency in the long run.

Despite Solana’s high speeds and low fees, congestion issues have prevented it from being fully recognized as a true Ethereum ($ETH) competitor in DeFi. This is why Ethereum continues to dominate, with a Total Value Locked (TVL) six times higher than Solana’s. Trad