Solana Price Declines Due to Network Congestion Following Wormhole Airdrop

Crypto News– Solana (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.

dealing with congestion bugs sucks so much more than total liveness failure. the latter is one and done, bug is identified and patched and chain continues. the former has to go through the full release and test pipeline. shipping fast is impossible 😭😭😭

— toly 🇺🇸 (@aeyakovenko) April 5, 2024

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.