Coinbase founder and CEO Brian Armstrong says the latest memecoin frenzy is overwhelming the top US-based crypto exchange.
Coinbase CEO responds to customer complaints over solana transactional delays as solana memecoins surge Solana is seeing a massive trading volume surge as new memecoins launched on the SOL network are seeing overwhelming interest from traders. According to blockchain data aggregator DefiLlama, Solana has done $22.25 billion in trading volume in the last 24 hours. This compares to the top smart contract platform by market cap, Ethereum (ETH), which 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.
Solana is also seeing a surge in new memecoins being launched on its network. Some of these memecoins are seeing billions of dollars in trading volume within hours of being listed on centralized crypto exchanges (CCX). Notably, both former US President Donald Trump and First Lady Melania Trump have chosen to launch their respective memecoins on the Solana network.
However, the high levels of activity on the Solana network are also causing some problems. Many traders are complaining of having to wait hours or even days for their transactions to be completed. Some are also complaining that they are unable to cancel their transactions, even after waiting for a long time.
Coinbase CEO Brian Armstrong is now acknowledging the solana transactional delays on Coinbase amid the high volume surge. Responding 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. Thanks for bearing with us and spreading the word on Coinbase.”
Armstrong also responds to another customer complaining they’ve been waiting two days so far for their transfer of solana (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. Thanks for your patience.”
Solana (SOL) is trading at $251 at time of writing, up 5.4% in the last 24 hours, and up 31.7% in the past week.
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