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 1 buyer complaining of delays on the social media platform X, Armstrong says,
“Crew is working exhausting 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 date 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 exhausting to resolve it.”
Based on blockchain information aggregator DefiLlama, Solana has carried out $22.25 billion in buying and selling quantity within the final 24 hours whereas Ethereum (ETH) – the highest good 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 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.
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Verify Worth Motion
Comply with us on X, Fb and Telegram
Surf The Day by day Hodl Combine
 
Disclaimer: Opinions expressed at The Day by 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 belongings. Please be suggested that your transfers and trades are at your personal threat, and any losses you might incur are your accountability. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please notice that The Day by day Hodl participates in internet online affiliate marketing.
Generated Picture: Midjourney