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Coinbase founder and CEO Brian Armstrong says the most recent 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,
“Crew is working onerous on scaling our Solana infra now – plenty 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 thus far 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. Crew is working onerous to resolve it.”
In accordance with blockchain information 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 executed $6.21 billion. Solana has additionally executed $35.5 million in charges on the day whereas Ethereum has solely executed $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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Disclaimer: Opinions expressed at The Every day Hodl should not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual danger, and any losses it’s possible you’ll incur are your accountability. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please observe that The Every day Hodl participates in internet online affiliate marketing.
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