SOL - Solana Battles Network Congestion As Meme Coin Transactions Soar | Benzinga
The Solana (CRYPTO: SOL) network is grappling with significant congestion problems, causing delays and transaction failures.
What Happened: According to a report by The Block, the Solana network is currently experiencing severe congestion issues, an issue largely attributed to a spike in spam transactions and a notable increase in meme coin activity on the platform.
Users of the Phantom wallet app and other applications on Solana have been warned to expect longer transaction times.
The network’s congestion has been exacerbated by bots and a major increase in transactions related to newly released meme coins, putting a strain on the network’s capacity.
In Q1 2024, Solana saw a record number of new tokens on its decentralized exchanges, driven largely by meme coin activity. This has attracted new and retail users to the network, drawn ...