Coinbase founder and CEO Brian Armstrong says the newest memecoin frenzy is overwhelming the highest US-based crypto trade.
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,
“Group is working exhausting on scaling our Solana infra now – plenty of Solana exercise previous couple of 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 currently), not solvency. Buyer funds are 100% backed and audited periodically by Deloitte. Group is working exhausting to resolve it.”
In accordance with blockchain knowledge aggregator DefiLlama, Solana has performed $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 performed $6.21 billion. Solana has additionally performed $35.5 million in charges on the day whereas Ethereum has solely performed $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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