Solana (SOL) has reached significant heights in popularity during the ongoing crypto market rally as its price skyrocketed in the last two quarters, and its meme coin scene started again bursting with life.
Indeed, the blockchain is the home of perhaps the most prominent newcomer – Dogwifhat = which recently became one of the highest-priced notable meme coins in history and spawned its own set of rapid rags-to-riches stories.
Given the activity, it doesn’t come as a surprise that Solana hasn’t been bereft of mishaps, issues, and plain fraud of late. For example, a developer of the Slerf (SLERF) meme coin accidentally deleted a significant amount of money right after the project launched and the SolCondom team seemingly pulled off a $1 million rug pull earlier in April.
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Still, arguably the biggest and most protracted problem has been severe network congestion – reportedly caused primarily by bots engaging in arbitration.
The problem led to an alarming number of failed transactions and, in fact, if only the non-vote transactions are taken into account, only an average of 25% end in success.
April 4, for example, saw 20 million successful transactions, and 72 million failed ones, per the data compiled by X user scarn.eth.
The number of failures started surging in November 2023 shortly after SOL began its journey from $20 to $200 and, indeed, shortly after the current cryptocurrency rally was kickstarted.
Solana price chart
Along with the surge in meme coin activity, the interest and activity on Solana are also being driven by SOL’s staggering rise.
Indeed, in the last 52 weeks, the token is up 718.40% and the strong performance continued into 2024 as SOL surged another 72.17% year-to-date (YTD).
More recently, Solana has apparently plateaued, at least temporarily since, while it is 30.72% in the green in the last 30 days, it declined 6.45% on the weekly chart. Solana price today stands at $174.46 after a 6.29% 24-hour drop.
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