Explained: Why are traders complaining about Solana

cnbctv18.com:

Solana has been in and around the top ten cryptocurrency list for a while now. It has racked up a global market cap of roughly $27 billion in just four years, and its native currency, SOL, is often considered a Wall Street favourite.However, things have been rocky for Solana in the last few weeks.

The price of the cryptocurrency slid significantly during last Friday's trading session. Moreover, traders and investment firms have not been able to execute transactions on the network, even though it has touted itself as one of the most scalable blockchains with lightning-fast transaction speeds.The issue carried over to the next day, resulting in the network's Twitter account stating that it has been "experiencing high levels of network congestion".Solana founder Anatoly Yakovenko also stated that bots sending duplicate transactions might have caused the congestion.

Traders have noticed these gaps in the network’s infrastructure and have begun to express their frustration.Also Read: How to pick and analyse altcoins – all you need to know"How can anyone possibly trust the Solana network with real capital after a meltdown like today?" Jim Greco, a market structure guru, and a former executive at KCG, said in a tweet on Friday night.The increased frustration towards the network has been surprising as Solana has been regarded as the darling of Wall Street and large trading firms.The network completed one of its most extensive fund-raising campaigns, worth $314 million, in June 2021. And among many other USPs, the network’s scalability is what made it attractive to large trading firms and Wall Street in general.