Coinbase founder and CEO Brian Armstrong says the latest memecoin frenzy is overwhelming the top US-based crypto exchange.<\/p>\n
Armstrong acknowledges<\/a> that Solana is experiencing transactional delays on Coinbase amid a high volume surge in the trading of memecoins launched on the SOL <\/a>network.<\/p>\n In response to one customer complaining of delays on the social media platform X, Armstrong says,<\/p>\n \u201cTeam is working hard on scaling our Solana infra now \u2013 lots of Solana activity last few days, we were not anticipating this level of surge.\u201d <\/em><\/p>\n Armstrong also responds<\/a> to another customer complaining they\u2019ve been waiting two days so far for their transfer of SOL to a private wallet to go through.<\/p>\n \u201cIt\u2019s 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.\u201d <\/em><\/p>\n According to blockchain data aggregator DefiLlama, Solana has done<\/a> $22.25 billion in trading volume in the last 24 hours while Ethereum (ETH<\/a>) \u2013 the top smart contact platform by market cap \u2013 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.<\/p>\n US President Donald Trump and First Lady Melania Trump both chose the Solana network to launch<\/a> their respective memecoins<\/a> just days before the presidential swearing-in ceremony on Monday.<\/p>\n Solana is trading for $251 at time of writing, up 5.4% in the last 24 hours.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>   Generated Image: Midjourney<\/em><\/span><\/p>\n<\/p><\/div>\n
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