The Solana blockchain is celebrating five years since the initial launch of its mainnet beta, marking another milestone in the network’s journey toward broader adoption and further growth.
While Sunday’s milestone is huge for the Solana chain and users of the blockchain’s native cryptocurrency SOL are celebrating across social media, the fifth-year anniversary comes as the token struggles to hit the green line.
Solana’s Accomplishments Through the Years
In its fifth anniversary post, the Solana team revealed that in the last five years, the chain has accomplished the following:
- Over 408 billion transactions
- Attracted more than 1,300 validators
- Volumes reached over $987 billion
“Thank you to all the relentless founders, devs (developers), and nCMOs around the globe who have made Solana what it is today – 5 years in, we’re just getting started,” the team wrote Sunday.
The Solana chain’s genesis block was created on March 16, 2020. Since then, Solana has evolved into a niche network into a Launchpad for some of the most popular meme coins in the space today.
Solana: The Irony of a Chain
Over the years, Solana has been a household name in the broader crypto space due to its early “dark horse” signals, including its price surge late in 2021 as the race toward blockchain dominance was heating up.
While SOL is known for being a consistent Top 10 crypto asset and Solana is widely recognized as a top-performing blockchain, the chain has also been caught up in some controversies.
Due to its popularity as the home of some of the biggest and most-hyped meme tokens, Solana has been caught up in questions on whether it takes stringent measures to check teams around new coins amid increasing rug pulls around Solana-based meme coins.
The “scam culture” within the Solana chain has also been called out by many experts and crypto sleuths, overshadowing the network’s speed and scalability.
$SOL Rejects Celebrations
SOL refused to celebrate along with the Solana community Sunday as the token went on a downward spiral, even with Solana users in high spirits over the five-year milestone.
The world’s sixth-largest crypto asset by market cap was down nearly 7% Sunday and was trading at around $126 late in the night. Its 24-hour chart showed that the digital currency has been in a downtrend throughout the day.
SOL’s downtrend is not isolated, as the broader crypto market has been in the red in recent weeks. Still, it can be safe to say that Solana’s issues around meme coin scams and frauds may also be a reason why its native token struggles to return to its all-time high glory near $300.
The post Solana Marks 5 Years With 408+ Billion Transactions, $SOL Down 7% appeared first on International Business Times.
