Coinbase founder and CEO Brian Armstrong says the latest memecoin frenzy is overwhelming the top US crypto exchange.
Armstrong acknowledges that Solana is experiencing transaction delays on Coinbase amid a large volume increase in trading 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 now working hard to scale up our Solana infrastructure – a lot of Solana activity in recent days, we did not expect this level of increase.”
Armstrong too responds to another customer complaining that they have waited two days so far for the transfer of SOL to a private wallet.
“It is a challenge of scale to keep up with activity in the Solana chain (which has soared recently), not solvency. Client funds are 100% supported and periodically audited by Deloitte. The team is working hard to resolve it.”
According to blockchain data aggregator DefiLlama, Solana has done just that finished $22.25 billion in trading volume in the last 24 hours, while Ethereum (ETH) – the top smart contact platform by market cap – has only made $6.21 billion. 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 the presidential swearing-in ceremony on Monday.
Solana is trading at $251 at the time of writing, up 5.4% in the last 24 hours.
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