Home Crypto Solana Network Goes Offline Amid Massive SOL Price Plunge

Solana Network Goes Offline Amid Massive SOL Price Plunge

The Solana protocol lately crashed and noticed a few of its companies disrupted on Tuesday, lower than per week after its SOL cryptocurrency hit document all-time highs.

On September 14, the Solana blockchain witnessed an error, and the chains stopped working for greater than 11 hours, and the continued outage continues.

Through its official firm Twitter account, Solana Lab Inc. introduced the matter and said: “Resource exhaustion within the community is inflicting a denial of service, engineers are working in direction of a decision. Validators are making ready for a possible restart if crucial,”

Solana community has been offline and never producing blocks for a number of hours, and in consequence, the value of SOL has plunged by 13% during the last 24 hours amid the continued community outage.

Solana community stopped producing blocks yesterday, and the corporate engineers have been working to renew the operation of the blockchain community. Node operators at present are engaged on a community restart to renew validating transactions.

The firm defined that the offline community incident has been brought on by a flood of transactions despatched from bots, with as many as 400,000 transactions per second. And that prompted the community to start out forking into totally different paths, which overwhelmed the and finally shut down the reminiscence of some nodes.  

Is Solana Worth Investing?

Despite being one of many youngest blockchains on operations, the Solana community has lately gained dominance and has been fairly busy, as many buyers have favoured it over different altcoins. 

Last week, the SOL coin, the native cryptocurrency of the Solana blockchain community, hit information highs regardless of a widespread sell-off within the crypto market. However, during the last 24 hours, SOL declined its value by greater than 13%, as yesterday afternoon it was buying and selling at $147 per coin, however at present, it has gained some power and is buying and selling at round $162 per token.

Last week, Solana-backed merchandise skilled extra inflows than Bitcoin and Ethereum backed investments, and on September 9, SOL hit a document above $200, in accordance with knowledge from CoinShares. Over the final month, SOL gained round 250%, making it the top-performing main cryptocurrency, climbed into the highest ten cryptocurrencies by market capitalisation, and in the present day, its market cap positions the seventh-largest. 

Image supply: Shutterstock

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