The altcoin network Solana is facing challenges due to an increase in demand for memecoins, causing congestion and a high transaction failure rate of around 75%. This issue arose on April 4th and poses a significant problem for the network as users are experiencing failed transactions.

Network Challenges Lead to User Concerns

Users within the Solana community have expressed disappointment on various social media platforms about the network issues, failed transactions, and deteriorating user experience. Opinions among the community members vary, with some attributing the transaction failures to fundamental network issues while others blame spam bots for the problems.

Despite differing views, the consensus is on the need to address congestion on the Solana network to enhance user experience. Suggestions such as increasing transaction priority fees have been made, but Solana CEO Anatoly Yakovenko has expressed frustration over the challenges in resolving network congestion errors while ensuring network stability.

The upcoming Solana network update, version 1.18, is expected to alleviate some of these issues, although its impact on user experience remains uncertain.

Network Challenges Affect SOL’s Value

The recent price performance of SOL reflects investor sentiment in light of the network issues. SOL has experienced a decline of about 5.68% in the past 24 hours and approximately 5% over the last 7 days, following a previous price surge.

As a result, SOL currently ranks as the fifth-largest cryptocurrency based on market value, trailing behind Binance’s BNB, with a market capitalization of $78.2 billion.