Coinbase has addressed the huge transaction backlog that affected Solana trading on its platform, resulting in delays of up to 21 hours for some customers. The problem stemmed from a rapid surge in activity following the creation of the TRUMP memecoin, which produced congestion in Solana’s network and overloaded Coinbase’s servers.
On January 22, CEO Brian Armstrong verified the resolve and advised users who had canceled transactions to attempt posting them. He apologized for the inconvenience and stated that the platform’s handling of Solana transactions has been restored to normal.
Although the Solana network did not go down, excessive demand during the memecoin mania generated congestion, which impacted a variety of Solana-based applications. Despite these issues, Solana’s market value increased, reaching a new all-time high of $293 for its SOL token and bringing the network’s total value to roughly $14 billion.
Armstrong also stated that Solana will receive the same amount of development and support as other big assets such as Bitcoin, Ethereum, and Base, allowing the network to manage future surges more effectively. He expressed confidence in Coinbase’s capacity to deliver a flawless experience for Solana users, especially during peak demand.
