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Solana Meme Coin Dogwifhat (WIF) Faces Double-Digit Decline
The Solana meme coin Dogwifhat (WIF) has experienced a significant drop in value by double digits within the past day, with losses among Solana meme coins surpassing the broader meme coin category. WIF is currently trading at $3.46, marking a 13% decrease based on data from CoinGecko. The broader Solana meme coin category has also seen a decline of 14.6% in a single day and 5.4% over the week, outpacing the 7.6% daily decrease in the wider meme coin category. Despite the recent downturn, the meme coin category as a whole has observed a 1.6% increase over the past seven days.
Alongside Dogwifhat, other Solana meme coins have also faced drops in value over the past day. For instance, BONK has decreased by 7%, while Book of Meme (BOME) has experienced a 4% decline. The downward trend in Solana meme coins aligns with the performance of the Solana blockchain itself, which has been the only cryptocurrency among the top 10 (excluding stablecoins) to exhibit a price decrease of 10.6% over the past week.
Network Issues and Congestion
The recent negative price action of Solana and its associated meme coins can be attributed to network congestion issues that have plagued the Solana ecosystem in recent weeks. The network has been grappling with congestion bugs as it welcomes new projects and users. Solana co-founder Anatoly Yakovenko took to Twitter to address the challenges posed by these congestion bugs, emphasizing the need to resolve them effectively.
Furthermore, a number of crypto projects utilizing the Solana network have postponed their token launches due to the ongoing congestion issues. Developers are working towards deploying a fix for an implementation bug that has resulted in high transaction failure rates on the network. CEO of Solana blockchain infrastructure firm Helius Labs, Mert Mumtaz, highlighted that the current issue is not a design flaw but an implementation bug that can be rectified with the right solutions.
solana’s current issue is not a design flaw, it’s an implementation bug
it is now hitting me that some folks might not understand what we’ve been trying to say by this for the past week
I’ll simplify it (intended for non-technical people)
it is important to make this… pic.twitter.com/fNZzu9f90S
— mert | helius.dev (@0xMert_) April 8, 2024
As efforts are underway to address these technical challenges on the Solana network, the crypto community is closely monitoring the developments to gauge the impact on the overall performance and stability of the ecosystem.
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