Leading Ethereum (ETH) Competitor’s Price Falls by Double Digits After Network Crashes

The Solana (SOL) blockchain is experiencing yet another round of network problems, leading to a huge price crash.

The Ethereum (ETH) competitor announced on Wednesday that block production on Solana Mainnet Beta had temporarily halted.

Solana Status notes that validator operators successfully completed a cluster restart of the mainnet beta about 4.5 hours later, ending the outage.

Solana’s native token, SOL, was trading around $45 before the network crash and quickly plummeted to a low of $38.30, a decrease of more than 13%. Solana is trading for $41.45 at time of writing.

Solana recently suffered a network outage for seven hours between April 30th and May 1st when the project’s mainnet beta cluster “ceased producing blocks as a result of stalled consensus.”

The ETH competitor also dealt with publicized network and performance problems in December and January, as well as a previous outage last September.

Solana Labs says the network has suffered “intermittent congestions issues” since early January due to bot activity targeting non-fungible token (NFT) mints.

The technology company said in May that it plans to introduce a new fee system in addition to a host of other improvements as part of an effort to combat its repeated network failure issues.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/filkusto/INelson

Leave a Reply

Your email address will not be published.