Solana network goes offline again, SOL dips as GME meme coin defies trend with a 91% surge.
The Solana blockchain network, known for its high-speed transactions, faced a significant setback as it went offline for five hours due to an unknown issue. This interruption in service is not a new occurrence for Solana, which has experienced similar outages in the past, marking this as the eleventh in just two years. The network's downtime began at approximately 09:53 UTC, causing disruptions for users and developers on the platform.
After a concerted effort by the validator operators, the network underwent a successful upgrade to version 1.17.20 and was brought back online. The restoration process concluded at 14:57 UTC, with block production resuming and the network's performance being closely monitored by engineers. Despite the swift recovery, the price of Solana's native token, SOL, was not immune to the effects of the outage, dropping by over 3% during the downtime. A new validator software patch was released to address the underlying issue, and a detailed root cause report is being prepared by core contributors to prevent future occurrences.
In an interesting turn of events, a GameStop-inspired meme coin on the Solana blockchain, known as GME, demonstrated remarkable resilience by surging 91% in value over 24 hours, even as the network faced operational challenges. This surge brought the coin's price close to its all-time high before it stabilized. The GME token, which boasts a market cap of around $65 million and a 24-hour trading volume exceeding $14 million, has outperformed many other meme coins. This is particularly noteworthy given that GameStop has recently stepped back from its NFT marketplace and crypto wallet initiatives. It's important to note that there is no official affiliation between the GME token and the GameStop corporation.
The recurring outages on the Solana network highlight the importance of robustness and reliability in blockchain infrastructure. While the network's ability to recover and implement fixes is commendable, these incidents can shake the confidence of investors and users. On the flip side, the unexpected success of the GME meme coin amidst network difficulties showcases the unpredictable and often speculative nature of the cryptocurrency market. For the Solana ecosystem, the focus remains on improving stability to support its growing user base and maintain its position as a leading blockchain platform for decentralized applications.