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 at least one buyer complaining of delays on the social media platform X, Armstrong says,
“Group is working laborious on scaling our Solana infra now – plenty of Solana exercise previous couple of days, we weren’t anticipating this stage of surge.”
Armstrong additionally responds to a different buyer complaining they’ve been ready two days up to now 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 these days), not solvency. Buyer funds are 100% backed and audited periodically by Deloitte. Group is working laborious to resolve it.”
Based on blockchain knowledge aggregator DefiLlama, Solana has done $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 finished $6.21 billion. Solana has additionally finished $35.5 million in charges on the day whereas Ethereum has solely finished $15.7 million.
US President Donald Trump and First Girl 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 Price Action
Comply with us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Each day Hodl are usually not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any losses you could incur are your duty. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Each day Hodl an funding advisor. Please be aware that The Each day Hodl participates in affiliate marketing online.
Generated Picture: Midjourney
