Solana (SOL) has gained significant popularity in the current cryptocurrency market rally, with its price skyrocketing in recent months and reenergizing the meme coin scene. Among the notable newcomers is Dogwifhat, a meme coin that has seen rapid success. However, this surge in activity has also brought about mishaps and fraudulent activities. For example, the developer of the Slerf (SLERF) meme coin accidentally deleted a substantial amount of money, and the SolCondom team executed a $1 million rug pull.

One of the main challenges faced by Solana is severe network congestion, primarily caused by bots engaging in arbitration. This issue has resulted in a high number of failed transactions, with an average success rate of only 25% for non-vote transactions. The failure rate has been increasing since November 2023, coinciding with SOL's price rise and the broader rally in cryptocurrencies.

Despite the challenges, SOL has seen a significant price increase in the last 52 weeks, with a surge of 718.40%. The token continued its strong performance in 2024, rising by 72.17% year-to-date. However, Solana's price has recently experienced a temporary plateau, with a 6.45% decline on the weekly chart, bringing the price to $174.46 after a 6.29% drop in the last 24 hours.

Disclaimer: The content presented here is not financial advice. Investment in cryptocurrencies involves risk, and capital is at risk.

Source: The Bit Times