Solana memecoins drop drastically as congestion issues persist

Dogwifhat has registered double-digit losses as it leads the Solana-based memecoin decline in the last 24 hours. Losses among Solana memecoins have also outpaced losses experienced by their counterparts on other blockchains. According to CoinGecko data, WIF has experienced a 13% loss, trading at $3.46 on the day.

Solana memecoins experience a significant decline

The wider Solana memecoin market is also not having an easy with the decline, with the entire sector seeing a 14.6% decline in the last 24 hours while registering a 5.4% loss in the past week. Notably, this double-digit loss is two times the loss of about 7.6% loss registered by the wider memecoin market which is up by 1.6% in the past week. Other Solana tokens that have experienced considerable declines are BONK with a 7% decline and Book of Meme (BOME) with a 4% loss.

The staggering loss witnessed by the wider Solana memecoin is the same as the native token of their parent blockchain.

According to data, SOL has registered a 10.6% drop in the past week, being the only token in the top 10 in the market, aside from stablecoins to experience losses. The negative movement in the price of the asset follows unsavory news of congestion experienced by users and developers.

Challenges and fixes for the network

With the network onboarding more users and developers over the last few weeks, there have been debates about its capacity. Last week, Solana co-founder Anatoly Yakovenko went on the microblogging platform X to discuss some of the challenges that the network is facing regarding congestion bugs. At the same time, projects have had to pause or postpone token launches on the network due to the issues.

However, Solana devs have set April 15 as the timeframe to fix the bug issues that have increased the transaction failure rate on the network. The CEO of Helius Labs Mert Mumtaz has explained that it is an implementation bug issue and not a design flaw. He noted that implementation fixes are usually easy to fix as they can be changed, while design flaws are very serious issues.