The post Solana’s Failed Transaction Soars: Will Memecoin Mania Take a Halt? appeared first on Coinpedia Fintech News
The crypto markets are again breaking down after closing the previous day’s trade on a bullish note. Solana’s price also touched levels close to $200, followed by a massive drawback of nearly 15%. The token displayed immense strength following the Solana-based memecoins managed to display a breadth-taking surge. This attracted massive volume over the network, while the platform does not appear to be prepared for it.
The Solana network is struggling to cope with the growing demand for memecoins, as the latest data shows a massive drop in the successful transaction rate. As per the data from Dune Analytics, the failed transactions over Solana have reached over 70%, which is the highest in history to date.
With this, the successful transaction rate has dropped to 25%, which has created despair among the market participants. While the broader market con
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