Phantom, one of the most popular wallet applications of the Solana (SOL) ecosystem, has been on the agenda. Because on March 17, 2024, it faced complaints that users could not send or receive funds. This situation brought up the possibility that the wallet may have collapsed. Here are the details and what happened…
Unable to send funds to wallet in Solana ecosystem
On March 17, 2024, complaints about users being unable to send or receive funds arose in Phantom, one of the most popular wallet applications of the Solana (SOL) ecosystem. This situation brought to mind the possibility that the wallet may have collapsed. While SOL transfers made through the wallet are not displayed in blockchain browsers, it is thought that the problem may be due to density.
In recent weeks, the Solana ecosystem has received a lot of attention with the launch of meme coins such as BOME and their listing on the Binance exchange. This may have led to increased traffic and congestion on the network. Following the success of BOME, many cryptocurrency users flocked to the SOL network to purchase new memecoins early. This congestion may have affected the functioning of wallets like Phantom and caused them to crash. However, it is unknown how sustainable this intensity will be and whether the rise of meme coins will continue.
Meme coins on Solana are booming
The meme category’s top tokens continue to bleed. Because this situation currently highlights the negative price movement of these tokens in the crypto space. Moreover, the top tokens recorded a correction of over 10% in their portfolios. This shows that selling pressure in the crypto industry is increasing. On the other hand, meme coins in the Solana ecosystem have exhibited a significant correction in the last seven days.
This indicates a strong bearish trend in the crypto industry. Top tokens such as BONK and MYRO recorded a correction of 6.50% and 20% each. Positively, WIF tokens are trending upward on the chart.
Scam alert
The density and meme coin craze have also whetted the appetite of fraudsters. Many cryptocurrency influencers are posting posts claiming to ask the cryptocurrency community to send SOL and in return they will airdrop meme coins. Such posts carry the risk of fraud. cryptokoin.com As we reported, a fraudster took advantage of this excitement and stole $3 million worth of coins from users.
Meanwhile, the meme coin category continues to register mixed sentiment, highlighting the uncertainty in the sector’s future price movement. Additionally, interest in Solana-based tokens continues to grow, indicating a positive outlook for the price in a long-term perspective. The collapse of the Phantom wallet may be a result of the growing popularity of the Solana ecosystem and increased traffic. It is important for users to be careful and alert to the risk of fraud when investing in meme coins and transacting on the Solana network.
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