CDS Crypto News Solana Price Declines Due to Network Congestion Following Wormhole Airdrop
Crypto News

Solana Price Declines Due to Network Congestion Following Wormhole Airdrop

Solana stands out as the largest loser among the top 10 coins due to network issues, but tokens operating on the Solana network are experiencing even steeper declines.

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Solana Price Declines Due to Network Congestion Following Wormhole Airdrop

Crypto NewsSolana (SOL) leads the top 10 cryptocurrencies in losses today, dropping approximately 7% in the last 24 hours, as network congestion persists. According to CoinGecko, SOL has dipped about 6% over the past week, currently priced at $175. However, it’s not the only token facing challenges; several prominent tokens operating on the Solana network are also experiencing significant declines.

Solana Price Declines Due to Network Congestion Following Wormhole Airdrop

Wormhole (W), which recently conducted its airdrop, has been particularly affected, plummeting by 17% in the past day. Despite more than 400,000 unique wallets being eligible for the drop, the token has already lost 41% of its value since Wednesday.

Additionally, the JUP token of decentralized exchange aggregator Jupiter has seen a nearly 14% decrease in value over the past day, now priced at $1.37. Despite this decline, JUP’s price remains 140% higher than the previous month’s peak, attributed to a prior surge.

The popular meme token Dogwifhat (WIF) has tumbled by nearly 12%, currently priced at $3.37. Although it has surged by 64% over the past 30 days, it has dropped by 31% since reaching its all-time high earlier this week.

These three tokens, including Wormhole (W) and JUP, are significant assets operating on the Solana blockchain. They are also among today’s biggest losers. Solana, known for its capacity to support developers in building on its blockchain, has historically boasted faster and cheaper transactions compared to Ethereum’s mainnet. However, recent congestion issues have somewhat diminished this advantage.

Solana Price Declines Due to Network Congestion Following Wormhole Airdrop

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