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Usha Yadav
May 3, 2022
by Usha Yadav

Solana is Underperforming Under US$90, Whereas NFT Sales are Increasing

Solana
Solana continued to trade below US$90 at noon HKT on Tuesday, despite Solana's non-fungible token (NFT) secondary sales rebounding dramatically, gaining more than 95 per cent in the past 24 hours following a network outage over the weekend.

At press time, Solana was trading at around US$88.32, down more than 35% from around US$140 a month ago.

According to CryptoSlam data, the Okay Bears collection accounted for approximately US$6.21 million in secondary sales turnover, up more than 134 per cent in the last 24 hours.

Another Solana NFT collection, Cets on Crek, witnessed a secondary sales turnover of US$690,000 in the last 24 hours, an increase of more than 330 per cent.

Bots spammed the Solana network's NFT minting tool "Candy Machine," leading the network to lose consensus and go offline for seven hours on Sunday.

Bots saturated the network with six million transactions per second, leading validators to run out of memory and fail; according to Solana's inquiry into the outage, there was no proof of a denial-of-service (DDoS) assault.

Solana is working on several solutions, including charge priority, to address the issue of network disruptions.

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Solana NFT Sales
Solana is Underperforming Under US$90, Whereas NFT Sales are Increasing
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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