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Cryptocurrency News Articles
TRUMP Memecoin Frenzy Takes Solana (SOL) to New Heights as Coinbase CEO Announces Backlog Problem Resolved
Jan 22, 2025 at 11:37 pm
Coinbase CEO Brian Armstrong announced that the Solana backlog problem that caused pending transaction times of up to 21 hours on the centralized exchange has been resolved.
Coinbase CEO Announces Resolution to Solana Backlog, Prompting Retries for Canceled Transactions
Coinbase users encountered a setback on Jan. 22 as the Solana (SOL) backlog issue caused pending transaction times of up to 21 hours on the centralized exchange.
However, Coinbase CEO Brian Armstrong has now announced that the problem has been resolved.
In a X post on Jan. 22, Armstrong highlighted the congestion on Solana, which was sparked by the Donald Trump memecoin mania.
As traders rushed to purchase the US president’s official memecoin, Official Trump (TRUMP), the Solana network experienced a surge in activity.
According to the Coinbase CEO, users attempting to cancel their transactions encountered difficulties due to the backlog, which prompted traders to retry posting their transactions.
Armstrong concluded his post by apologizing to Coinbase users for the inconvenience caused by the Solana backlog.
Solana network grinds to a halt, sparking criticism and praise
The launch of the TRUMP memecoin also led to a separate Solana network outage on Jan. 20, which sparked both criticism and praise for the high-throughput blockchain.
As demand for the memecoin surged, the Solana network struggled to keep up, highlighting the challenges faced by even the fastest blockchains when it comes to handling massive volumes of transactions.
TRUMP memecoin launches, driving up SOL price and network fees
The launch of TRUMP corresponded with a surge in demand for SOL, which hit a new all-time high of $293 on Jan. 19.
According to DefiLlama, Solana’s total value locked also soared to $13.9 billion following the launch of the TRUMP token.
Solana network fees also experienced a surge during the memecoin hype, with transaction fees climbing to approximately $17.8 million on Jan. 19 and recording a healthy $11.7 million on Jan. 21.
For comparison, Solana network fees ranged between roughly $2.7 million and $5.25 million per day during December 2024.
Solana market cap tops $127B as Google searches for ‘buy Solana’ hit 100
Data from CoinMarketCap showed that SOL’s market capitalization also grew to approximately $127 billion amid the price rally.
Furthermore, Google search volumes for crypto-related terms soared, including “buy Solana.”
On a scale of 0 to 100, with 100 representing the highest search volume, “buy Solana” hit 100 the week of Jan. 19.
Other search terms that reached peak levels on Google Trends included “buy crypto,” “Coinbase,” and “crypto app.”
These online search volumes and app store rankings are used by some traders to gauge market interest and signal whether or not retail investors are entering the game.
At the time of this writing, crypto trading applications now command the top three slots in the finance category on Apple’s App Store.
Crypto.com currently ranks as number one, with Coinbase coming in at number two and memecoin trading platform Moonshot at number three.
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- Spanish PM Proposes Ending Anonymity for Social Media Users, Forcing Tech Tycoons to Provide Accountability
- Jan 23, 2025 at 04:35 am
- The Socialist premier has been an outspoken voice about the sector and his latest intervention comes as a fierce debate surrounding social media and their wealthy owners intensifies.
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- Trump's Meme Coin Launch Draws Ire in Cryptocurrency Industry
- Jan 23, 2025 at 04:35 am
- President Donald Trump's goodwill in the cryptocurrency industry has taken a hit after he and his wife launched meme coins — a move critics say looks like an unseemly cash grab that undermines an effort to legitimize digital assets.
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- The Arctic Pablo Coin (APC): A New Frontier in Meme Coins
- Jan 23, 2025 at 04:35 am
- The crypto market, often unpredictable, has a way of surprising even the most seasoned investors. In recent days, Baby Doge Coin has made headlines with its rising market cap, while TRUMP Coin has sparked intrigue with its record-breaking market debut.
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- BlackRock CEO Larry Fink Believes Bitcoin (BTC) Could Be Worth as Much as $1 Million
- Jan 23, 2025 at 04:35 am
- Larry Fink, CEO of BlackRock, has stated that Bitcoin could be a solution to economic and political instability. During an interview with Bloomberg, Fink said that BTC could act as a safe haven against the devaluation of local currencies and geopolitical risks.