On January 22nd 2025 Coinbase solved the processing delay problem that made Solana transactions wait for up to 21 hours according to Brian Armstrong. The system became overloaded when trading increased on the Solana platform after former U.S. President Donald Trump released the memecoin TRUMP.
Through his post on X he explained to users about the service interruption and recommended them to resubmit any failing transactions. Memecoin trading created a blockchain network backlog that lasted for 48 hours.
Solana Faces Scalability Issues
When TRUMP tokens went live it created another system outage on the Solana network because too many people tried access at once. Despite scalability issues the incident demonstrated how Solana’s network continues to draw in users.
After TRUMP’s token launch Solana’s native cryptocurrency SOL reached its peak trading value at $293 on January 19. According to DefiLlama SOL total value locked hit $13.9 billion as investors showed increased interest in the platform.
During the trading madness Network fees on SOL jumped to $17.8 million on January 19 and then dropped to $11.7 million by January 21. During December 2024 network fees moved within a range from $2.7 million to $5.25 million daily.
During its strong performance CoinMarketCap recorded SOL had achieved a market valuation of approximately $127 billion. Online search activity reached its highest point as people showed stronger retail buying intentions for SOL and digital assets through advanced Google Trends research.
Crypto trading platforms control Apple’s finance category with Crypto.com at number one while Coinbase follows closely and Moonshot leads memecoins.
Crypto markets get more influence from memecoins which tests network capacity while generating large trading volume.
