Solana’s network seems to be experiencing problems at the moment due to the huge demand for memecoins. Based on the latest data, 75 percent of all transactions currently appear to fail on the network.
Solana in trouble?
Although the pseudonymous analyst Altcoin Sherpa still believes in the future of Solana as “the network” for private individuals, he also sees that the user experience is not ideal at the moment.
“As much as I think Solana is the blockchain for private individuals, it is currently lagging behind in terms of user experience,” said Altcoin Sherpa.
But not everyone is convinced that Solana’s network is failing. In the tweet above, Mert Mumtaz shares that a large portion of the transactions that fail are not normal transactions, but spam from bots.
“This is normally not a problem for users, as wallets reject transactions that won’t work in advance,” Mumtaz said.
Solana continues to amaze
Regardless of these problems, Solana continues to amaze when it comes to racing. Measured from the beginning of the year, Solana is approximately 78 percent in the plus. Last month an increase of almost 28 percent was recorded.
The blockchain appears to be taking full advantage of the hype surrounding memecoins. The big success story on Solana is of course dogwifhat (WIF), which managed to build a market cap of more than 3 billion dollars.
In the background, other memecoins are also doing very well on the blockchain. A good example of this is Doland Tremp (TREMP), a memecoin based on Donald Trump, which rose by more than 500 percent over the past month.
It is quite possible that these “politically colored” memecoins will become a hype towards the American elections. In addition to TREMP, there is also a meme version of Joe Biden in the form of Jeo Boden (BODEN), who is performing reasonably well.
However, remember that these memecoins ultimately have no fundamental value. It really is what the crazy person gives for it, but that can sometimes be a lot.
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Source: https://newsbit.nl/solana-in-de-problemen-75-van-de-transacties-falen/
