Solana’s (SOL) price has rebounded over 9% in the past day, recovering from the network outage earlier this week.
The outage, which lasted almost five hours, highlighted concerns about the network’s stability and centralization.
In other news, the Meme Kombat (MK) presale is nearing its conclusion, with early investors having one final chance to acquire tokens before their Uniswap listing.
Solana Outage Causes Brief Turbulence, But SOL Quickly Recovers
Despite the outage on February 6, Solana has shown remarkable resilience in the days after.
Within hours of the network returning online, the SOL token erased all the losses that had been sustained.
This quick recovery highlights the crypto community’s faith in Solana’s long-term viability as a leading layer-1 blockchain.
The outage was linked to complications with the “Berkeley Packet Filter,” a vital component for smooth upgrades and program execution.
This marked Solana’s first major incident of 2024, but it’s the 11th outage overall since the network first launched – with one occurring every two months on average.
While frustrating for developers and network users, the Solana Foundation is conducting a complete post-mortem analysis to uncover the root technical issues and enhance error handling.
However, SOL traders seem undeterred, with spot trading volumes remaining relatively stable in the past 48 hours.
Massive SOL Transfers Suggest Growing Whale Bullishness
In other news, two mammoth SOL token transfers occurred last week that may signal growing institutional interest.
The first, a transfer of 659,283 SOL, worth over $67 million at the time, went from one unknown wallet to another.
However, the second batch has sparked more intrigue, with 150,000 SOL being moved from the cryptocurrency exchange Bybit to an unidentified wallet.
This transfer was valued at around $15.2 million when it was made.
While the recipient’s identity remains unknown, the fact that such a vast amount was transferred off of the exchange has been viewed as a bullish signal.
This is because crypto whales often move their assets off exchanges when they plan to hold them for an extended period rather than engage in short-term trading.
As a result, investor confidence is often buoyed by this type of behavior since it reduces the likelihood of a large SOL sale.
Overall, if these transfers are any indication, high-net-worth players are betting on Solana to be a dominant blockchain for years to come – which could be playing into SOL’s recent price action.
Meme Kombat Enters Final Presale Round Before Much-Anticipated Uniswap Debut
While the spotlight is on Solana once again, some crypto traders are opting to focus on tokens that are outside the blue-chip projects.
Meme Kombat is one of these tokens and has been attracting massive attention during its presale phase.
Capitalizing on the exploding popularity of GameFi, Meme Kombat allows users to bet MK tokens on fights between some of the most iconic meme coin mascots.
Featuring hilarious animated battles, Meme Kombat offers a fun and community-driven experience for new and seasoned investors.
With the presale now in its final stage before MK lists on Uniswap, the token has already amassed a vast online community.
More than $8.3 million in funding has also been raised, which will be used to develop the battle arena and launch viral marketing campaigns for MK.
Several YouTube influencers have also hopped on the bandwagon, touting MK for exponential growth once publicly listed.
For example, analyst Michael Wrubel, who has over 310,000 subscribers on YouTube, stated that it could be the “next 100x gaming meme crypto.”
Whether Wrubel’s bullish forecast proves accurate remains to be seen, but Meme Kombat is undoubtedly ticking all the boxes as a potential hidden gem in the altcoin market.
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