Coming in the middle of the crypto carnage, the Solana network issue led to the Solana network going offline last weekend. Solana Founder Anatoly Yakovenko stated that “bots are sending duplicate TXs”, thus causing the network to slow down and transactions to fail. After all this, XRP managed to overtake SOL, placing 7th on CoinMarketCap’s crypto list!
Other coins also suffered serious losses as Bitcoin slumped to a six-month low. As of now, the market is painted red again. Solana (SOL), which was trading at $144 in the early hours of Thursday, also took its share from this decline and is trading at $87.
Solana is currently the biggest loser among the top 20 cryptocurrencies and is 10% behind its value in the last 24 hours.
SOL is currently trading at $259.96, down 68.3% from its November peak. More importantly, XRP has passed the SOL in market cap size!
With a market cap of $27.83 billion, XRP is currently the 7th largest cryptocurrency. SOL is in 8th place with a market capitalization of $27.54 billion. This may be the most important reflection of the 6th interruption of SOL Blockchain in the last 3 months.
On the other hand, Solana network developers trying to deal with network issues are expected to initiate more improvements over the next 8-12 weeks.