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Coinbase founder and CEO Brian Armstrong says the newest memecoin frenzy is overwhelming the highest US-based crypto trade.
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,
“Crew is working exhausting on scaling our Solana infra now – numerous Solana exercise previous couple of days, we weren’t anticipating this degree 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 recently), not solvency. Buyer funds are 100% backed and audited periodically by Deloitte. Crew is working exhausting to resolve it.”
In keeping with blockchain information aggregator DefiLlama, Solana has done $22.25 billion in buying and selling quantity within the final 24 hours whereas Ethereum (ETH) – the highest sensible 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 Woman 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.
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Disclaimer: Opinions expressed at The Each day Hodl aren’t funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any losses chances are you’ll incur are your accountability. The Each day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please notice that The Each day Hodl participates in internet online affiliate marketing.
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