Users of the Solana network encountered issues after the recent launches of meme coins associated with the US President-elect Donald Trump and his wife Melania, preceding their official inauguration on January 20th, which seemed to put extra strain on the network.
On the 18th of January, Trump’s advisory group unveiled the memecoin known as TRUMP on the Solana platform, and on the 19th, they introduced the MELANIA token. These digital assets were released a day before Trump’s inauguration as president on the 20th of January.
Launching meme-based cryptocurrencies resulted in a substantial increase in trading activity on the Solana network, which apparently led to network congestion.
In a recent Reddit post, an anonymous cryptocurrency trader known as Dave noted that there were no new transactions being recorded on Solana’s blockchain explorer for the 30 minutes prior to 9:43 pm UTC on January 19th.
Other users have encountered problems with network congestion, such as receiving “500 Internal Server Error” messages during transactions on Solscan as well.
In February 2024, a significant breakdown on the Solana blockchain revived discussions about its robustness and the debate surrounding scalability between centralized and decentralized blockchains. This incident led validators to restart the network because the production of blocks had stopped.
In spite of occasional transaction issues due to congestion errors, it’s worth noting that Solana has maintained a perfect record of uninterrupted service for the past 90 days, without any downtime since February 6, 2024, as per data from Status.Solana.
TRUMP, MELANIA memecoin distribution flashes red flags for investors
Mainstream interest has been drawn towards the Trump family’s meme-based cryptocurrencies, yet the distribution of tokens has sparked concerns among potential investors.
As a crypto investor, I recently came across the MELANIA token website shared by Mrs. Trump. The site asserted that a significant portion of these tokens had already been distributed – specifically, 35%, which went to the project team. Furthermore, an equal 20% was allocated: half for the treasury and half for the community. The public offering constituted 15%, while a reserve of 10% was established for liquidity purposes.
Conversely, Bubblemaps, a blockchain analysis platform, stated in a recent post on January 19th, that approximately 90% of the token supply appears to be concentrated in a single wallet, which seems inconsistent with the declared token distribution.
The rights to the intellectual property for the website “melaniameme.com,” which played a role in the launch of MELANIA, are owned by MKT World – a corporation established by Mrs. Trump in 2021 and sharing an address with the Trump International Golf Club, as indicated in Florida Department of State records.
In just 40 minutes following Melania’s launch, the market value of Donald Trump’s personal TRUMP token dropped by a staggering $5 billion, and its price plummeted from $74.6 to $45.9 according to CoinMarketCap data, indicating a significant decrease of 38%.
As of 9:08 am UTC, the TRUMP token was trading at $57.50, down 3.3% in the past 24 hours.
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2025-01-20 12:58