Coinbase CEO Brian Armstrong Highlights Unexpected Surge in Solana Activity, SOL Hits Record Highs

In a recent response on Twitter, Coinbase CEO Brian Armstrong highlighted an unexpected surge in Solana activity.

Coinbase CEO Brian Armstrong has highlighted an unexpected surge in Solana activity in a recent response on X.

Coinbase's Solana infrastructure faced significant pressure, prompting the team to work tirelessly on scaling the infrastructure in response to the unexpected activity surge.

"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 stated.

This activity surge likely began on Friday and continued over the weekend as meme tokens on the Solana blockchain sparked a market frenzy. During this time, Solana's price also surged to new record highs.

"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," Coinbase CEO Armstrong highlighted in his response.

In related news, Solana Floor, a Solana-focused X account, reported that multichain wallet Phantom encountered over eight million requests per minute, leading to wallet loading failures and transaction issues. Users faced disruptions as the recent meme coin frenzy on Solana drove massive activity.

According to the same source, Solana's 24-hour DEX trading volume reached $23.7 billion in the last 24 hours, hitting a new high with DEX dominance at a historic 65%. This volume is three times higher than the combined volume of Ethereum and its layer-2s.

Notably, despite the massive activity surge, the Solana chain is up and running with 100% uptime. The latest update from the Solana Status page shows all systems operational with no reported downtime in the last 90 days.

SOL hits record highsSolana's SOL has hit new highs thanks to the recent meme coin mania. The price of SOL reached a high of $294 on Sunday, setting a new all-time high.

Solana is the fourth-largest cryptocurrency by market capitalization, excluding stablecoins. It was launched in 2020 as a faster and cheaper alternative to Ethereum, and it now hosts some of the most popular meme coins, including BONK and Dogwifhat (WIF), as well as decentralized finance (DeFi) and gaming projects.

At the time of writing, SOL has dropped from its recent highs, down 11.44% in the last 24 hours at $260 but is still up 48% weekly