What happens when a cryptocurrency with millions of community members destroys 40% of its supply? We don’t know the answer yet, but we’re about to find out – and it might send shockwaves through the market.
Solaxy ($SOLX) is the new Solana layer 2 blockchain that’s going viral for burning a jaw-dropping 55 billion tokens via two high-impact burn events.
The project is currently undergoing a presale, during which it has raised $55 million to date, reflecting significant market appeal. However, the team has made headlines this week with two landmark token burns, which inherently bolster the value appreciation potential of $SOLX.
The presale is ongoing but it’ll end in just under three days.
Currently, investors can purchase $SOLX at a fixed and discounted price of $0.001766. However, this offer will end with the closure of the presale. As such, investors seeking a discounted price should act promptly.
There is every possibility that $SOLX will be valued much higher once it lists on the open market, with some analysts even bracing for 1,000x gains.
$SOLX token burned could send price 1,000x higher
The token burn isn’t just a gesture of good intentions; it fundamentally reshapes the $SOLX supply dynamics and sets the stage for strong bullish momentum.
With over $55 million raised, there’s serious investor appetite for Solaxy’s use case.
The project was expected to yield significant price gains even before the burn announcements, but the positive outlook has become even stronger now.
With 40% of all tokens no longer available, millions of buyers will now be competing for a much smaller pool of tokens.
It appears that there’ll be a deep supply deficit – and that could create a supply shock, similar to what Bitcoin experiences with every four-year halving.
Investors who’ve been around a while know what happens then: the Bitcoin price explodes. And Solaxy could well follow suit.
Solaxy aims to tackle Solana’s most pressing issue of congestion, which stunts users ability to transact in periods of peak network activity. And when it does, Solana will be able to grow without constraint.
Currently, Solana is valued at $77 billion, while Solaxy has raised $55 million.
Evidently, there is a significant addressable market for Solaxy, and its token scarcity has just skyrocketed. This is a juncture that could create substantial and swift growth.
As to how far it can go, top analysts are eyeing 10x, 50x, and 100x returns. However, even 1,000x gains shouldn’t be ruled out. Umar Khan from 99Bitcoins, a YouTube channel with 700K subscribers, recently said $SOLX has 1,000x potential in a video.
And he made this forecast before the token burns took place, so it’s even more possible now.
Tackling Solana’s congestion issue with L2 scaling
Those who are familiar with the Solana ecosystem are well aware of the network’s congestion issue. During periods of peak network activity, transaction wait times extend and failure rates increase.
Solana adoption is growing fast – over 100 million people have used the chain this month. And as Solana adoption grows, eradicating this congestion issue becomes even more critical.
Solaxy is the world’s first Solana layer 2 blockchain, utilizing transaction bundling technology and off-chain computation to address Solana’s congestion problem head-on.
It aims to achieve 10,000 transactions per second (TPS), making it cheaper, faster, and more reliable than the Solana main network.
But this won’t just soothe the headache of transaction delays; it will unlock new possibilities on Solana. More powerful meme coin apps. Real-world micropayments. Even enhanced AI capabilities. It’ll all be feasible thanks to Solaxy.
Under 3 Days until $SOLX IEO – last chance to act
With its supply being slashed by 40% and Solaxy helping secure Solana’s long-term health, the project appears set for a scorching hot summer.
But with less than three days until the presale ends, investors who have yet to purchase $SOLX must act quickly or risk paying a significantly higher price once it lists on the open market.
Joining the presale is easy. Simply visit the Solaxy website, connect your wallet, select the amount of $SOLX you want to buy, and choose the cryptocurrency you want to pay with.
Investors can also stake their $SOLX and currently garner a 76% APY. However, this will decrease as the staking pool grows.
Follow the project on X or join its Telegram for updates. Alternatively, visit its website to purchase tokens.
This article is for informational purposes only and does not provide financial advice. Cryptocurrencies are highly volatile, and the market can be unpredictable. Always perform thorough research before making any cryptocurrency-related decisions.
