Ah, the joys of modern technology! Just when you thought you could send your precious Solana tokens without a hitch, along comes a memecoin frenzy led by none other than former President Donald Trump. Yes, you heard that right—on January 18, Trump decided to throw his hat (and a few coins) into the crypto ring, and the result? Hours-long delays for Coinbase users trying to navigate the choppy waters of Solana transactions. Talk about a buzzkill! 🎢
Coinbase’s CEO, Brian Armstrong, took to the X platform on January 19 to reassure users that the “team is working hard on scaling our Solana infra now.” Because nothing says “we’ve got this” quite like scrambling to fix a problem that nobody saw coming. Armstrong also mentioned, “Lots of Solana activity last few days, we were not anticipating this level of surge.” Well, Brian, maybe next time keep a closer eye on the news—or at least on Trump’s Twitter feed! 😏
Solana users were left grappling with network difficulties, all thanks to the recent memecoin launches by Trump and his ever-so-charming wife, Melania, right before the grand presidential inauguration on January 20. You can practically hear the crypto community collectively groaning.
Related: Solana users hit by delays after Trump memecoins debut
But wait, there’s more! It seems that Coinbase’s delays were independent of Solana’s own hiccups. Some users reported that the exchange’s settlement times lagged behind the blockchain network by hours. One particularly disgruntled user shared their tale of woe on January 20, describing a 15-hour transaction delay on Coinbase. Yes, you read that correctly—15 hours! That’s longer than some people take to binge-watch an entire season of their favorite show! 📺
Mert Mumtaz, the CEO of Solana infrastructure provider Helius, chimed in with a little clarity on January 20, stating, “Coinbase is estimating 100 minutes for processing for USDC receives on Solana.” And just to clear things up, he added, “To be clear, this has nothing to do with the chain.” Well, that’s reassuring! 🙄
As for Coinbase? They were as silent as a mime at a library when it came to responding to requests for comment from CryptoMoon.
Spike in activity
Trump’s advisory team, in a move that can only be described as “bold,” launched the Official Trump (TRUMP) memecoin on January 18 and the Official Melania (MELANIA) token on January 19. It’s almost as if they were trying to create a crypto circus right before the presidential inauguration on January 20. 🎪
These memecoin launches brought a tidal wave of trading volume to Solana, effectively causing congestion on the network. Moonshot, the platform Trump directed his followers to for purchasing the memecoin, reported a staggering 200,000 new on-chain users since the token launched. Talk about a crypto gold rush! 💰
Despite the chaos, it’s worth noting that Solana has managed to boast 100% uptime over the past 90 days, with no outages since February 6, 2024. So, while the memecoins may have thrown a wrench in the works, at least Solana is still standing tall—like a resilient little crypto warrior! 🛡️
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2025-01-21 00:51