Memecoin Explosion on Solana Overwhelms Coinbase – Brian Armstrong Says Company Doesn’t Expect ‘This Level of Rally’
Coinbase founder and CEO Brian Armstrong says the latest wave of the memecoin craze is taking over the top cryptocurrency exchanges in the US.
Armstrong He confesses Solana is experiencing transaction delays on Coinbase amid a significant increase 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 expand our Solana infrared range now – we’ve been seeing a lot of Solana activity in the last few days, and we weren’t expecting this level of spike.”
Armstrong too He responds To another customer complaining that they have been waiting for 2 days now for the process of transferring SOL to a private wallet.
“It’s a scaling challenge to keep up with activity in the Solana chain (which has recently surged), not solvency. Client funds are 100% backed and regularly reviewed by Deloitte. The team is working hard to solve this problem.”
According to blockchain data aggregator DefiLlama, Solana has done just that finished Trading volume reached $22.25 billion over the past 24 hours, while Ethereum (ETH) – the highest smart communication platform by market capitalization – generated just $6.21 billion. Solana also paid $35.5 million in fees per day while Ethereum only paid $15.7 million.
Both US President Donald Trump and First Lady Melania Trump chose the Solana network to launch their Memoku coins just days before their presidential swearing-in ceremony on Monday.
Solana is trading for $251 at the time of writing, up 5.4% over the past 24 hours.
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