Coinbase founder and CEO Brian Armstrong says the latest memecoin frenzy is overwhelming the top US-based crypto exchange.
Armstrong acknowledges that Solana is experiencing transactional delays on Coinbase amid a high volume surge in the trading of memecoins launched on the SOL network.
In response to one customer complaining of delays on the social media platform X, Armstrong says,
“Team is working hard on scaling our Solana infra now – lots of Solana activity last few days, we were not anticipating this level of surge.”
Armstrong also responds to another customer complaining they’ve been waiting two days so far for their transfer of SOL to a private wallet to go through.
“It’s a scaling challenge keeping up with activity on Solana chain (which surged lately), not solvency. Customer funds are 100% backed and audited periodically by Deloitte. Team is working hard to resolve it.”
According to blockchain data aggregator DefiLlama, Solana has done $22.25 billion in trading volume in the last 24 hours while Ethereum (ETH) – the top smart contact platform by market cap – has only done $6.21 billion. Solana has also done $35.5 million in fees on the day while Ethereum has only done $15.7 million.
US President Donald Trump and First Lady Melania Trump both chose the Solana network to launch their respective memecoins just days before the presidential swearing-in ceremony on Monday.
Solana is trading for $251 at time of writing, up 5.4% in the last 24 hours.
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