Coinbase users were left frustrated as Solana transactions faced significant delays, with some reporting hours-long waits amid a surge in activity following the launch of memecoins by former US President Donald Trump and his wife, Melania. The Official Trump (TRUMP) and Official Melania (MELANIA) tokens, launched just before Trump’s inauguration on January 20, 2025, have driven an unexpected spike in network congestion, affecting both the Solana blockchain and Coinbase’s transaction processing.
Brian Armstrong, Coinbase’s CEO, addressed the situation in a tweet, acknowledging the increased activity on Solana. “Team is working hard on scaling up. There is a lot of activity on Solana right now. Apologies for the trouble,” Armstrong wrote, emphasising the company’s efforts to manage the surge.
Coinbase announced support for the TRUMP token on the Solana network, cautioning users not to transfer the asset over other networks to avoid potential losses. Despite the advisory, the sudden influx of transactions strained the system, leaving users exasperated by delays that extended well beyond the usual processing times.
The congestion isn’t solely tied to Solana’s performance. Coinbase users reported that the exchange’s settlement times lagged behind the blockchain’s, with some experiencing delays of up to 15 hours. Mert Mumtaz, CEO of Solana infrastructure provider Helius, highlighted that the delays were not due to issues with the Solana network itself. “Coinbase is estimating 100 minutes for processing for USDC receives on Solana,” Mumtaz noted in a social media post, clarifying that the problem lay with the exchange rather than the blockchain.
The memecoin launch, spearheaded by Trump’s advisory team, has undeniably placed immense pressure on Solana, which has seen over 200,000 new on-chain users through the Moonshot platform, the designated marketplace for the tokens. This influx has tested the limits of the network, though Solana maintains a record of 100% uptime over the past three months, as per their status page.
The timing of the memecoin launches, right before Trump’s formal inauguration, has drawn both excitement and criticism, with many seeing it as a move to capitalise on his political momentum. For Solana and Coinbase, however, it has translated into an operational challenge that underscores the volatility and unpredictability inherent in the cryptocurrency landscape.
As the situation unfolds, Coinbase’s ability to adapt and respond to such unprecedented demand will be closely scrutinised. For now, users can only hope for a swift resolution to the delays that have marred what should have been a straightforward transaction process on one of the world’s most prominent crypto exchanges.
This latest episode serves as a reminder of the growing pains still present in the cryptocurrency sector, especially when unexpected factors like memecoin launches throw a wrench in the works. For now, both Solana and Coinbase are navigating these turbulent waters, with users left waiting for smoother sailing ahead.
