Brian Armstrong, CEO of Coinbase and founder of the US’s largest crypto exchange, says that the recent memecoin frenzy has overwhelmed the US-based top cryptocurrency exchange.
Armstrong admits Solana has experienced transactional delays with Coinbase due to a surge in volume of trading memecoins on the SOL Network.
Armstrong responds to a customer who complained about delays in social media platform X.
Armstrong responds also to another client who complained that they have been waiting for two days to transfer their SOL into a private wallet.
It’s not a problem of solvency, but a challenge to keep up with the activity in Solana (which has exploded recently). Deloitte audits and backs all customer funds. “Team is trying to fix it.”
DefiLlama’s blockchain data aggregator reports that Solana traded $22,25 billion worth of goods in the past 24 hours, while Ethereum (ETH), the leading smart contact platform in terms of market capitalization, only did $6.21 trillion. Solana also generated $35.5 Million in fees for the day, while Ethereum only managed $15.7 millions.
Just days before Monday’s presidential swearing in ceremony, US President Donald Trump as well as First Lady Melania Trump chose to launch memecoins on the Solana Network.
Solana currently trades for $251 and has gained 5.4% over the past 24 hours.
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Sources of Images include Pixabay Creative Commons & Midjourney
As new information becomes available, this post Memecoin Surge on Solana overwhelms Coinbase: Brian Armstrong says Firm Didn’t Expect ‘This Surge’ could be updated.
