The Solana meme coin scene is going through a rough patch.
Crowd favorites are taking a hit, and both DogWifHat (WIF) and Fartcoin (FARTCOIN) have seen their prices plummet as enthusiasm cools off.
But right in the middle of this downturn, the viral Solana-based project Solaxy (SOLX) just hit $54 million in its presale – with an exchange listing coming up next week.
Why Is DogWifHat Crashing This Week?
DogWifHat holders are having a moment they’d rather forget.
WIF, currently Solana’s fourth-largest meme coin, has dropped all the way down to $0.76.
That’s its lowest price since early May.
We’re talking about a 5% drop in just the last day and a 23% plunge over the week, which has pushed its market cap below the $800 million mark.
It’s a tough break for anyone holding, with WIF now trading more than 84% below its all-time high back in March 2024.
The technicals don’t offer much comfort, either.
WIF’s price recently broke below a long-term trend line that had been in play since April – a move that often spells more downside ahead.
A brief attempt to rally back above failed, which ramped up the selling pressure.
Ultimately, the whole meme coin sector is struggling right now, and WIF is caught right in the middle of it.
Is Fartcoin’s Hype Also Fading?
It’s pretty much the same story with Fartcoin.
Another coin feeling the market-wide cooldown, FARTCOIN is trading around $1.07 after dropping 5% today and 20% since last week.
Even the excitement from its recent Coinbase listing has largely dissipated, leaving bears firmly in control.
A good indicator of this is open interest – a way to measure active trading – which has dropped another 7% as people close out their positions.
The issue seems to be more technical, with FARTCOIN’s price breaking below key support levels on the daily chart.
That, combined with the project’s official whitepaper being offline, naturally raises some red flags about what the team is planning for the future.
Even community sentiment on CoinMarketCap is becoming more bearish.
So, with trader attention drifting to newer tokens, Fartcoin is struggling to give buyers a reason to jump back in.
Can Solaxy Defy the Meme Coin Slump? SOLX Presale Hits $54M Ahead of Exchange Debut
But while these legacy meme coins are struggling, a new Solana-based project is having a different experience.
Solaxy has managed to generate a staggering $54 million in its presale – the largest in Solana’s history.
And the excitement around it isn’t just empty hype.
Solaxy’s team is building the first-ever Layer-2 scaling solution for Solana.
We all know Solana gets bogged down during peak trading hours, which can lead to failed transactions and frustration for traders.
Solaxy plans to fix this by bundling transactions, promising speeds that could reach 10,000 transactions per second.
With its presale almost over, the clock is now ticking towards SOLX’s exchange debut next week.
The team has also revealed that the Solaxy mainnet will launch on July 7.
They’re even building out a whole ecosystem, complete with a DEX and a token launchpad called Igniter Protocol, which some predict could take market share from pump.fun.
With this much momentum and a genuine use case, you’re already hearing analysts (including those at 99Bitcoins) speculate about 10x potential for SOLX.
But could Solaxy be the one to defy this market slump?
Given that its exchange listing is just days away and demand isn’t slowing, there’s every chance it might.
