Coinbase founder and CEO Brian Armstrong says the most recent 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 at least one buyer complaining of delays on the social media platform X, Armstrong says,
“Staff is working onerous on scaling our Solana infra now – a lot of Solana exercise previous few days, we weren’t anticipating this degree 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 personal pockets to undergo.
“It’s a scaling problem maintaining with exercise on Solana chain (which surged these days), not solvency. Buyer funds are 100% backed and audited periodically by Deloitte. Staff is working onerous to resolve it.”
In keeping with blockchain knowledge aggregator DefiLlama, Solana has done $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 completed $6.21 billion. Solana has additionally completed $35.5 million in charges on the day whereas Ethereum has solely completed $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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