Coinbase founder and CEO Brian Armstrong says the newest memecoin frenzy is overwhelming the highest US-based crypto alternate.
Armstrong acknowledges that Solana is experiencing transactional delays on Coinbase amid a excessive quantity surge within the buying and selling of memecoins launched on the SOL community.
In response to 1 buyer complaining of delays on the social media platform X, Armstrong says,
“Staff is working laborious on scaling our Solana infra now – a lot of Solana exercise previous few days, we weren’t anticipating this stage of surge.”
Armstrong additionally responds to a different buyer complaining they’ve been ready two days to date for his or her switch of SOL to a personal pockets to undergo.
“It’s a scaling problem maintaining with exercise on Solana chain (which surged recently), not solvency. Buyer funds are 100% backed and audited periodically by Deloitte. Staff is working laborious to resolve it.”
In keeping with blockchain information aggregator DefiLlama, Solana has carried out $22.25 billion in buying and selling quantity within the final 24 hours whereas Ethereum (ETH) – the highest good contact platform by market cap – has solely carried out $6.21 billion. Solana has additionally carried out $35.5 million in charges on the day whereas Ethereum has solely carried out $15.7 million.
US President Donald Trump and First Woman Melania Trump each selected the Solana community to launch their respective memecoins simply days earlier than the presidential swearing-in ceremony on Monday.
Solana is buying and selling for $251 at time of writing, up 5.4% within the final 24 hours.
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