The Solana blockchain has noted a surge in transaction volume and activity on its chain in response to the recent gains in meme coins.
Solana blockchain noted a spike in failed transactions as new tokens attract bots that spam the network. Dogwifhat, Myro, Popcat yield double-digit daily gains amidst the meme coin rally. Solana price faces risk of nearly 5% correction despite rising user activity. However, the meme coin frenzy has also attracted bots to the SOL network, driving the rate of failed transactions up to 72%.
These bots are looking to capture potential income generation opportunities on the chain and this has caused the network to experience a large volume of failed transactions. According to data from Dune, 93% of the failed transactions come from bots that are spamming the network whereas organic users have a mere 17% rate of transaction failure. Solana price risks 5% decline Solana price is in a short-term downward trend since the altcoin hit its year-to-date peak of $210.18 on Monday.
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