Solana Price Suffers as it Goes Under Another Attack

Solana Price Suffers as it Goes Under Another Attack

Being the top dog means you have many targets on your back, and that seems to ring true for Solana. The fifth-largest cryptocurrency by market cap reported suffering another attack on its blockchain over the past 24 hours. However, it managed to stay online throughout the incident.

Solana Suffers new Attack

The distributed denial-of-service (DDoS) attack was first noticed by nonfungible token platform Blockasset, which is based on Solana, around 3 pm UTC on Thursday after it noticed delays in token distributions. 

GenesysGo later reported the same issue while calling for calm. A DDoS attack generally happens when several coordinated devices are overwhelming a network with fake traffic to make it go offline.

This is not the first time Solana is facing this kind of issue. In September, the blockchain went offline for over 17 hours because of a mass booting activity for the Initial DEX offering of Solana-based Raydium. 

No one can tell what’s responsible for this attack yet, as the Solana foundation has yet to confirm the attack and Status.Solana showed that the network had been online without any outages.

As of press time, SOL is still the fifth largest crypto asset by market cap, however, its price has crashed by over 2% within the last 24 hours and by over 36% since it reached its new ATH of $260.

Crypto Community Reacts

Several people in the crypto community on Twitter claim that the Solana network went offline. Veribit CEO, Roy Murphy, tweeted, “Solana crashed again and is currently offline. Engineers are looking into ‘rebooting the system.’ Seriously, you can’t make this shit up!”

On the Solana Reddit community, r/Solana, some users claim it’s another Raydium IDO launch that led to the network clogging. They claimed that every performance issue due to Solana’s high volume activity in the past 6 months had been connected to Raydium IDOs and launches.

In response, one of the subreddit moderators, u/Laine_sa, didn’t confirm the connection between Solana performance issues and Raydium but stated that stop-gaps had been put in place since the September outage to prevent full outage. The moderator claimed that while work is ongoing to prevent these performance issues, it’s not something that can be launched within a few weeks.