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According to CoinGecko data, Solana (SOL) suffered the biggest loss among the top 10 cryptocurrencies by market capitalization, down about 7% over the past 24 hours due to network congestion issues.
The coin has fallen about 6% over the past week and is currently priced at $175. But the fifth-largest digital asset by market capitalization isn’t the only one suffering. Some major tokens running on the network have been hit even harder.
Wormhole (W), which carried out an airdrop earlier this week, showed the biggest swing, falling 17% in the past day. Over 400,000 unique wallets were eligible for the drop, but the token has already lost 41% of its value since Wednesday.
Meanwhile, decentralized exchange Jupiter’s JUP token has lost nearly 14% of its value over the past day. The current price is $1.37. Despite this, prices are still up 140% compared to last month thanks to the previous surge.
And popular meme token Dogwifhat (WIF) has plummeted nearly 12% to its current price of $3.37. It’s still a strong monthly gain, up 64% over the past 30 days, but has slumped 31% since hitting an all-time high earlier this week.
All three are major tokens running on the Solana blockchain. They are also one of the biggest losers today.
Solana is a popular network for developers to build on blockchain. It outperforms Ethereum’s own mainnet in that it is faster and cheaper, but recent congestion issues have diminished that advantage.
Dealing with congestion bugs is much more frustrating than overall active errors. The latter is one and once completed, the bug is identified and patched and the chain continues. The former must go through a full release and testing pipeline. Fast delivery is not possible 😭😭😭
Recently, the Solana network has been under pressure as the number of projects and users seeking to utilize the Solana ecosystem has increased. As a result, those deeply involved in Solana are hoping to make changes to Solana’s network.
Solana co-founder Anatoly Yakovenko tweeted late Thursday that the company was having trouble patching congestion-related bugs, but that more were emerging. Meanwhile, prominent Solana builder and public figure Mert Mumtaz, co-founder and CEO of Helius Labs, accused unspecified infrastructure providers of: Solana bug exploit To make extra profit.
remember how i said @heliuslabs Wouldn’t they just spam the chain so it’s unusable for all users just to make a few bucks?
Unfortunately, not all node providers feel this way.
However, congestion on the Solana network is not the only issue affecting the market today. Bitcoin has been falling over the past week and is currently trading around $68,000. This is lower than the all-time high of $69,044 in November 2021. It hit a new all-time high near $74,000 last month, but has struggled to maintain its position since.
As a result, most markets are trending downward, and new tokens, such as those running on Solana, are likely to be the most volatile.
Editor: Andrew Hayward
disclaimer
The views and opinions expressed by the author are for information purposes only and do not constitute financial, investment or other advice.
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