Coinbase founder and CEO Brian Armstrong says the most recent memecoin frenzy is overwhelming the highest US-based crypto change.
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 at least one buyer complaining of delays on the social media platform X, Armstrong says,
“Staff is working laborious on scaling our Solana infra now – plenty 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 this point for his or her switch of SOL to a non-public pockets to undergo.
“It’s a scaling problem maintaining with exercise on Solana chain (which surged currently), not solvency. Buyer funds are 100% backed and audited periodically by Deloitte. Staff is working laborious to resolve it.”
In response to blockchain knowledge aggregator DefiLlama, Solana has carried out $22.25 billion in buying and selling quantity within the final 24 hours whereas Ethereum (ETH) – the highest sensible 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 Girl 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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