Dogwifhat Drives Solana Meme Coin Loss Due to Network Congestion

Solana meme coin Dogwifhat (WIF) is down double digits in the past day as losses in Solana meme coin outpace the broader meme coin category.

WIF is currently trading at $3.46, down 13% on the day, according to CoinGecko data. The broader Solana meme coin category is down 14.6% on the day and 5.4% for the week, outpacing the 7.6% daily decline for the broader meme coin category as a whole. Overall, the meme coin category is up 1.6% over the past seven days.

BONK fell 7%, while Book of Meme (BOME) fell 4%.

The decline of the Solana meme coin over the past week mirrors the decline of its parent chain. Solana It is the only cryptocurrency in the top 10 (excluding stablecoins) whose price has fallen 10.6% over the past seven days.

Solana’s network congestion issues have led to negative price action over the past month as its ecosystem attracts new projects and users. Last Thursday, Solana co-founder Anatoly Yakovenko said: It was posted on Twitter To discuss the issue of “handling the congestion bug”, many cryptocurrency projects have delayed their token launches in recent days due to congestion issues.

Solana developers have reportedly set April 15th as the target date for patch deployment. “Implementation bug” This is transmitted as a transaction failure rate in the network spiral. The issues currently facing the network are “implementation bugs, not design flaws,” Mert Mumtaz, CEO of Solana blockchain infrastructure company Helius Labs, tweeted.

“Implementation errors are usually minor (replaceable with a different implementation), but design errors are usually serious and more fundamental,” he added. And “the apparent cause of the error was the implementation of the networking protocol QUIC, which currently has flaws and bugs.”

Edited by Stacey Elliott.