Coinbase founder and CEO Brian Armstrong says the latest memecoin frenzy is overwhelming the leading US-based crypto exchange.
Armstrong acknowledges that Solana is experiencing transaction delays on Coinbase amid a surge in trading volume of memecoins launched on the SOL network.
In response to a customer complaining about delays on social media platform X, Armstrong says:
“The team is working hard to scale our Solana infra now – lots of Solana activity over the last few days, we didn’t expect this level of increase.”
Armstrong also responds to another customer who complains about having waited two days so far for his transfer from SOL to a private wallet to be completed.
“It is a major challenge to follow the activity of the Solana chain (which has increased recently), and not solvency. Client funds are 100% guaranteed and periodically audited by Deloitte. The team is working hard to resolve the issue.
According to blockchain data aggregator DefiLlama, Solana achieved $22.25 billion in trading volume in the past 24 hours, while Ethereum (ETH) – the leading smart touch platform by market capitalization – did not realized that 6.21 billion dollars. Solana also paid $35.5 million in fees that day, while Ethereum only made $15.7 million.
US President Donald Trump and First Lady Melania Trump both chose the Solana network to launch their respective memecoins just days before Monday’s presidential inauguration ceremony.
Solana is trading at $251 at the time of writing, up 5.4% in the last 24 hours.
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