Approximately 75% of transactions on the Solana network have been failing due to the recent surge in memecoin activity, as reported by Dune Analytics data. The failure rate peaked on April 4, with over 75% of non-vote transactions failing, marking the highest failure rate on record.

The increase in failed transactions has sparked complaints from Solana users on social media about transaction failures and a deteriorating user experience. Despite this, some proponents argue that the data is being misinterpreted.

A prominent Solana supporter, Mert Mumtaz, CEO of Helius, disputed the claim that 75% of transactions were failing, attributing the majority of failed non-vote transactions to "bot spam." He emphasized that this bot activity does not significantly impact users, as wallets can simulate and notify users of impending failures.

Mumtaz explained that most of the spam activity occurs before the scheduling process, indicating that raising transaction priority fees might not resolve the issue. He projected that the upcoming 1.18 Solana network upgrade might not address these challenges, suggesting that networking patches were necessary for improving user experience on Solana.

Despite these challenges, Solana's price has experienced a 3% decrease in the past week following a 45% rally in the last month. The cryptocurrency currently holds the fifth position by market capitalization, trailing behind Binance's BNB token. Solana's market capitalization stands at $81 billion, compared to Binance's $89 billion.