XRP is experiencing a period of pressure in the market, amid a drop in activity on the network and increased selling volume.
The price remains stuck around the $2.10 threshold, down over 7% in the last week. Technical indicators point to a possible continuation of the correction, during which time activity on the Ripple network has fallen sharply.
The number of daily active addresses buying XRP cryptocurrency has dropped from over 600,000 to just 40,000 in May.
However, the buildup from the “crypto whales” and positive expectations of a potential SEC ruling in Ripple’s favor provide a ray of hope for investors. This keeps the $3 price target open for the foreseeable future. Meanwhile, Bitcoin is trading around $95,000.
The two assets, and the crypto market as a whole, could benefit from a bullish wave if macroeconomic scenarios align favorably.
For example, a loosening US Fed monetary policy, stabilization of US-China trade relations, and the passage of pro-crypto legislation such as the Bitcoin Act, relaunched by Senator Cynthia Lummis.
Against a backdrop of volatility and uncertainty for established currencies, investors are starting to turn their attention to emerging projects.
One notable example is Solaxy, currently in the pre-sale phase. This project promises to bring innovation in the scalability of the Solana network and offers early entry opportunities for those buying cryptocurrencies with significant growth potential.
WARNING: Investing in cryptocurrencies, especially memecoins, involves extreme risks. You may lose all the capital invested. We are not financial experts or licensed advisors. This content is informational and is not financial advice, investment recommendation or encouragement to buy. Cryptocurrency markets are highly volatile and unregulated. We recommend you never invest more than you can afford to lose.
Solaxy = humor + utility in memecoin space
Solaxy ($SOLX) has just made history, becoming the biggest ICO on Solana ever. The project raised a staggering $33.4 million dollars. And that’s just the beginning.
If by now you’ve probably heard of Solaxy, you already know that the project wants to build the first Layer 2 blockchain on Solana. Thus, it wants to offer infinite scalability through roll-up technology.
If you’re wondering how to buy cryptocurrencies with serious potential, Solaxy is an extremely appealing candidate.
However, Solaxy isn’t the only horse in the race to make the Solana network more scalable. Solayer is another project that is focused on building a side chain to the main Solana network, similar to Polygon on Ethereum.
Instead, Solaxy follows the Layer-2 solution path similar to Base, Arbitrum and Optimism on Ethereum. But that’s not all.
The developers are working on creating a bridge between Solana and Ethereum through Solaxy with the aim of giving users who buy cryptocurrencies the benefits of both networks.
Why is Solaxy getting all the attention?
Although similar projects, such as Solayer, are trying to compete with a different approach (side-chain, similar to Polygon), experts believe Solaxy will come out on top. Why?
Their testnet has already processed 1 million transactions (16 TPS – transactions per second), with a goal to reach 10,000 TPS at the mainnet launch.
So it would be faster than Solana (6,500 TPS) and any Layer 2 on Ethereum. For example, Base, considered the fastest of them all, allows 400 TPS.
Solaxy aims to solve the scalability problem using rollup technology. Instead of using the backbone network, Solana, Solaxy processes off-chain transactions, groups them together and sends them back to Solana.
Basically, it’s like a “shortcut” to avoid congestion. Transactions are finalized on Solana (Layer 1), offering the same level of security, as opposed to side-chains that have higher security risks.
The $SOLX token is available on both Ethereum and Solana, offering deeper liquidity and exposure to two of the largest ecosystems in crypto.
If you want to be one of the backers of the project, you can buy SOLX cryptocurrencies at the bargain price of $0.001716.
The team’s active efforts to develop the Solaxy test network have only increased the confidence of investors buying cryptocurrency.
The successful launch of the testnet has attracted even more capital in presales. In addition, the project was audited by Coinsult, which found no problems with its code.
