Despite suffering a network outage due to a denial-of-service attack that took the Solana network offline for 17 hours on Sept. 14, Solana funds continued to see inflows of US$4.8 million last week, according to digital asset manager CoinShares.
- “This suggests investors were happy to shrug-off the attack, seeing it as teething problems rather than something more inherent with the network,” wrote CoinShares Investment Strategist James Butterfill. “Inflows were also likely helped by speed at which miners adopted the upgraded protocol.”
- The price of Solana, a proof-of-stake blockchain and Ethereum challenger, had been a star performer and stalwart among cryptocurrencies during the market crash earlier this month. Solana started the year at US$1.52 and surged over 13,000% to reach an all-time high of US$213.47 on Sept. 9. Solana is trading at US$144 as of publishing time, according to CoinGecko data.