Dogwifhat Leads Solana Meme Coin Losses Amid Network Congestion

Solana meme coin Dogwifhat (WIF) has dropped by double-digits in the past day, as losses among Solana meme coins outpaced the broader meme coin category.

WIF is currently trading at $3.46, down 13% on the day, per data from CoinGecko. The broader Solana meme coin category has dropped by 14.6% on the day and 5.4% on the week, outpacing the 7.6% daily decline across the wider meme coin category; overall, the meme coin category is up 1.6% over the past seven days.

Other Solana meme coins have dipped over the past day, including BONK, down 7%, and Book of Meme (BOME), down 4%.

Solana meme coins’ downward motion over the past week mirrors that of their parent chain; Solana is the only cryptocurrency in the top 10 (barring stablecoins) whose price has dropped over the past seven days, by 10.6%.

Its negative price action follows issues with network congestion on Solana over the past month, as its ecosystem has onboarded new projects and users. Last Thursday, Solana co-founder Anatoly Yakovenko took to Twitter to discuss the challenges of “dealing with congestion bugs,” while in recent days a number of crypto projects have delayed token launches as a result of the congestion issues.

Solana developers have reportedly set April 15 as the target date to deploy a fix for an “implementation bug” that’s sent transaction failure rates on the network spiraling. The issue currently facing the network is “not a design flaw, it’s an implementation bug,” tweeted Mert Mumtaz, CEO of Solana blockchain infrastructure firm Helius Labs.

He added that, “implementation errors are usually trivial (they can be swapped out for other implementations) — but design errors are generally serious and more fundamental,” and singled out an implementation of a networking protocol, QUIC, as the cause of “certain deficiencies and bugs right now.”

Edited by Stacy Elliott.