Solana has a correction of more than 10% in a week, here's the reason
Solana Had Over 10% Correction In A Week, Here's Why - Solana had a seven-hour blackout over the weekend. The incident marked Solana's seventh blackout this year. Between January 6 and 12, 2022, the network experienced an issue that resulted in a partial outage for 8 to 18 hours.
The proof-of-stake network was flooded with a record 4 million transactions per second, crowding the network and causing validators to lose consensus. As a result, Solana went dark around 20:00. Saturday UTC.
Launching Coinmarketcap on Tuesday (March 5, 2022), the bot is hoarding the popular app used by the Solana NFT project to launch a collection called Candy Machine.
In a Metaplex post on Twitter, the company confirmed that traffic from bots on its app was partly to blame for the network crash.
Solana Labs co-founder Anatoly Yakovenko has been charged with MIA (Missing In Action) after remaining silent during the crisis. SOL fell more than 10% in a matter of hours when chaos erupted Saturday night due to a power outage. It even touched a low of $82.91.
Although the price has recovered, the SOL value has fallen by 10% over the past 7 days. Making it the worst performer among the top 10 cryptocurrencies by market cap.
Several outages have put Solana's reputation as an "Ethereum killer" into question. Some traders warn that the outage means the network is too unreliable. Solana was the second network to be pressured by NFT-related volume over the weekend.
When Yuga Labs released 55,000 NFTs, Ethereum transaction fees jumped to an average of over $450, with some users paying as much as 5 ether (ETH) or $14,000 in gas fees for transactions, and more to print one of the NFTs.
Previously, the price of Bitcoin and other top cryptocurrencies was mixed in early trading on Tuesday, May 3, 2022. This comes after cryptocurrency prices strengthened in trading earlier this week.
Bitcoin (BTC), the largest cryptocurrency by market cap, has remained in the green for the past 24 hours, according to data from Coinmarketcap on Tuesday, May 3, 2022.
Bitcoin price is up 0.37% and is currently trading at $38,607.52 or around IDR560.67 million (assuming an exchange rate of IDR14,522 to USD). However, Bitcoin price fell 4.64% in the week.
Ethereum price is up 1.12% in the last 24 hours. However, within a week, the price of Ethereum fell 5.05%. Currently, Ethereum is trading at $2,863.25, or around Rp. 41.57 million.
The price of Binance Coin (BNB) then edged up 0.03% over the last 24 hours. Currently, BNB is trading at around $390.08 or Rp. 5.66 million. This week, BNB prices fell 3.65%.
Meanwhile, the price of XRP has risen by 1.12% in the last 24 hours. This week, the price of XRP is down 11.67%. XRP price is now $0.6143.
The price of Solana has weakened in the last 24 hours. Solana was trading at $87.78. For the week, nightshade prices are down 13.37%.
Likewise, the price of Cardano (ADA) is down 0.56% over the last 24 hours. In one week, the price of ADA is down 12.76%. Currently, ADA is trading at $0.7835.
The price of Terra (LUNA) has increased by 2.7% over the last 24 hours. Terra prices are down 13.21% this week. Terra is now trading at $84.39.
The price of TerraUSD (UST) has increased 0.04% over the last 24 hours. The UST price is trading in USD positions.
Stablecoins like Tether are down 0.01% over the last 24 hours on dollar positions. During the week, the price of Tether tends to be in the red zone.
Likewise, the USD Coin price has lost 0.05% in the last 24 hours. Cpin USD price is down 0.03% for the week. The USD coin is now trading at $0.9999.
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