Solana, which was often mocked as the “crash chain” in its early years, has experienced significant growth and has become the fifth-largest cryptocurrency by market value after rebounding from last year’s lows. However, on the evening of February 6th, it experienced a nearly five-hour crash. It has since returned to normal after undergoing validator software updates.
Solana officials have stated that they will release an investigation report once they understand the cause.
Based on historical data, the last time Solana experienced a similar crash was in February 2023, almost a year ago.
The price of SOL coin started to decline along with the crash on the afternoon of February 6th, but it quickly recovered to pre-crash levels.
The recent crash of Solana has also sparked ridicule from many netizens and served as prime advertising time for supporters of other public chains.
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Further reading:
ETH and BTC era is over, Solana (SOL) has become the preferred currency standard?
The Block prediction: Sei and NEAR will become “Solana killers,” and avatar-style NFTs will not revive.