Following another system outage on Thursday, Solana’s (SOL) market capitalization has continued to fall as Dogecoin (DOGE) and Polkadot (DOT) are hot on its heels to possibly bump it out of the crypto top 10 by market cap.
See related article: Solana loses consensus after bots flood network, SOL takes hit
- While the network was back online after roughly 4.5 hours, SOL’s market cap recovered only a little of the 15% it lost following the outage overnight on Friday.
- SOL’s market cap hit as low as US$13 billion on Thursday, its lowest point since August 2021, though had recovered to US$13.9 billion by press time.
- DOGE and DOT were just under US$11 billion US$10 billion by market cap respectively, and had both posted at least 5% gains over the previous week.
- By contrast, SOL was the only currency in the crypto top 10 to suffer a weeklong losing streak, to trade down 6.5% over the past seven days.
- Network validators were instructed to perform a network restart to address the fault in nodes.
- Solana has suffered multiple system outages in the past few months, most recently in early May when bots flooded a non-fungible token (NFT) minting tool and overwhelmed the blockchain.
See related article: Sellers of Solana NFTs outpace buyers in May