Solana Network Faces Outages Amid Surging Memecoin Transactions
The Solana network has experienced outages as frenzied buying of memecoins such as $TRUMP and $MELANIA cause huge price surges.
Solana Dominates Fee Collection
Overall, Solana's performance is exceptionally strong. The network is outperforming its rivals in nearly every aspect. Solana leads significantly in DEX volume compared to other blockchains, with 67% of all transactions now occurring on Solana.
On Sunday, despite offering the lowest fees, Solana generated $4.7 million in fees, surpassing Ethereum, which collected $2.8 million.
Solana Becomes Unresponsive
The intense activity on Solana this past Sunday came at a cost. The surge in transactions from investors rushing to acquire $TRUMP and $MELANIA memecoins led to significant disruptions, with a failure rate of 40% for transactions.
At one point, users described the network as "literally unusable," raising concerns that Solana's much-publicized high throughput isn't yet prepared for extensive use.
$SOL's Intense Market Swings
Source: TradingView
The $SOL daily chart highlights the significant volatility the cryptocurrency is currently facing. Nonetheless, the breakout from the downtrend has succeeded, with a daily candle wick testing the 0.618 Fibonacci level, indicating stability.
It's possible that the price could surpass the previous all-time high of $264 and begin consolidating there. On Sunday, the price spiked to $295. The 1.618 Fibonacci level at $323 could be a potential target.
Is $TRUMP Aiming for $100?
Source: TradingView
Though $TRUMP was only launched last Friday, its price movement has already seen some action. Interest in this memecoin is high, and after a significant correction from a peak of $76 down to $37, it's possible we might see more upward movements. The 1.618 Fibonacci level at $101 could be within reach.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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