Solana Investment Products Saw $4.8M Weekly Inflows Despite Last Week's DDoS Attack

A recent DDoS attack on the Solana SOL/USD network hasn’t altered its status as the new favorite altcoin among institutional investors.

What Happened: According to CoinShares weekly report monitoring digital asset fund flows, Solana investment products saw $4.8 million in inflows for the week ending Sept. 17.

The continued inflows to Solana come despite the network undergoing a 17-hour outage last week, caused by a denial of service attack.

“This suggests investors were happy to shrug off the attack, seeing it as teething problems rather than something more inherent with the network,” commented CoinShares.

Solana shared its own overview of the outage in a blog earlier today, commending the coordinated efforts of the thousands of validators that upgraded and restarted the network.

“There’s a big difference between an outage like this happening on a centralized network like Amazon.com, Inc. AMZN Web Services and a decentralized network like Solana,” the company said.

“If AWS crashes, users have to trust Amazon to bring it back to the right state,” Solana added.

Solana’s price hit an all-time high of $216.96 earlier this month but has since lost over 35% of its value. The coin was trading at a price of $136 at press time, recovering from an intra-day low of $125.

What Else: Aside from Solana, Bitcoin BTC/USD and Ethereum ETH/USD also recorded considerable inflows for the week. Bitcoin saw inflows of $15 million, while Ethereum products saw $6.6 million.

In 2021, Bitcoin’s total market share of assets under management has fallen from 81% in January to just 67% today.

Photo: Pepi Stojanovski on Unsplash