Bittime - Solana, the leading blockchain ecosystem in 2024, is not out of the spotlight. Even though it is predicted to be the number one blockchain , this platform also faces criticism due to various internal problems.
Check Today's Crypto Market:
On the one hand, Solana recorded fantastic trading volumes, surpassing $1.33 billion on March 16. However, ironically, transaction volume failed to reach a very high figure, namely 72%.
This report discusses various Solana problems, starting from the dominance of memecoins which are prone to fraud (rug pull) to the high number of failed transactions.
The surge in DEX and Memecoin
This year, Solana skyrocketed to become one of the top blockchain networks thanks to surging memecoin activity. The popularity of memecoins such as BONK, WIF, TREMP, BODEN, and BOME attracts investors looking for quick profits.
Source;: coinpedia.org
Transaction Fails Rampant
In the midst of trading euphoria, the Solana network was flooded with failed transactions that reached 72%. On-chain data analyst Tom Wan concluded this spike was due to the presence of new tokens, which were exploited by bot operators.
Wan's report said 93% of failed transactions came from bots that "crammed" the network, while only 17% came from real users.
Also Read How To Buy Crypto:
New Challenges Ahead
Solana users also face transaction fee increases of up to 2-3 times. While the average user could still transact without priority fees, the median transaction fee jumped from 0.000005SOL to 0.000016SOL, or about $0.065.
Network congestion, failed transactions, and rising fees hinder user activity in the Solana ecosystem.
Also Read Solana Blockchain Network Overwhelmed, Congested and Security Threats
User Trust Eroded
According to a report by ZachXBT, a renowned on-chain expert, the Solana ecosystem managed to raise 796,000 SOL (approximately $149.2 million) since March 12 through 33 memecoin pre-sales. This surge was fueled by the hype of the launch of the Book of Meme token ($BOME).
Unfortunately, most of these pre-sales turned out to be “rug pull” scams, stealing millions of dollars from users tempted by a quick profit. Many cases involve misuse of funds, fake accounts impersonating famous crypto influencers such as Ansem, and embezzlement of pre-sale funds.
Source;: coinpedia.org
Promising Opportunities, But Be Careful
Solana remains one of the top blockchains amidst the memecoin craze. However, investors must be careful. Behind the great opportunities, there are serious threats such as fraud and fraudulent schemes.
Check Crypto Prices Today:
How to Keep Yourself Safe?
With caution and careful research, investors can avoid losses. Never blindly send funds to inactive addresses. Double-check usernames, especially on social media, to avoid fake accounts.
In the dynamic world of crypto trading, caution and clear thinking are essential to avoid risks and still seize opportunities in the Solana ecosystem.
How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR . To be able to buy SOL IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete guide on how to buy Solana (SOL) on Bittime .
Monitor price chart movements for Solana (SOL), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also
Floki Inu Will Launch Digital Banking Services, Find Out Here!
Ded Memecoin: Community Upset Over Airdrop Allocation Reduction
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.