HomeCryptoSolana Network Goes Offline Amid Massive SOL Price Plunge

Solana Network Goes Offline Amid Massive SOL Price Plunge

The Solana protocol not too long ago crashed and noticed a few of its companies disrupted on Tuesday, lower than per week after its SOL cryptocurrency hit report all-time highs.

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

Through its official firm Twitter account, Solana Lab Inc. introduced the matter and said: “Resource exhaustion in the network is causing a denial of service, engineers are working towards a resolution. Validators are preparing for a potential restart if necessary,”

Solana community has been offline and never producing blocks for a number of hours, and consequently, the worth of SOL has plunged by 13% during the last 24 hours amid the continuing 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 presently are engaged on a community restart to renew validating transactions.

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

Is Solana Worth Investing?

Despite being one of many youngest blockchains on operations, the Solana community has not too long ago 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 worth by greater than 13%, as yesterday afternoon it was buying and selling at $147 per coin, however presently, 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 report above $200, based on information 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 at this time, its market cap positions the seventh-largest. 

Image supply: Shutterstock

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