In a latest response on X, Coinbase CEO Brian Armstrong highlighted an surprising surge in Solana exercise. Armstrong famous that Coinbase’s Solana infrastructure was underneath vital stress, stating that the Coinbase workforce had been working onerous to scale the infrastructure in response to the surprising surge.
“Workforce is working onerous on scaling our Solana infra now – a number of Solana exercise previous few days, we weren’t anticipating this stage of surge,” the Coinbase CEO wrote. This exercise surge probably started on Friday and prolonged by the weekend, as meme tokens issued on the Solana blockchain sparked a market frenzy. Solana’s value rose as effectively, setting new document highs.
Workforce is working onerous on scaling our Solana infra now – a number of Solana exercise previous few days, we weren’t anticipating this stage of surge.
— Brian Armstrong (@brian_armstrong) January 20, 2025
Elsewhere, Solana Flooring, a Solana-focused X account, cited multichain pockets Phantom reporting over eight million requests per minute, leading to pockets loading failures and transaction points. Customers confronted disruptions because the latest meme coin frenzy on Solana drove large exercise.
In response to the identical supply, Solana’s 24-hour DEX buying and selling quantity hit $23.7 billion within the final 24 hours, setting a brand new excessive, with DEX dominance at a historic 65%. This quantity is thrice better than the mixed quantity of Ethereum and its layer-2s.
It’s value noting that the Solana chain has held up regardless of the huge exercise surge and is operational, with 100% uptime. The newest replace from the Solana Standing webpage reviews all techniques operational with no reported downtime within the final 90 days.
SOL hits document highs
Solana’s SOL has reached new highs, fueled by the latest meme coin mania. The value of SOL rose to a excessive of $294 on Sunday, marking a contemporary all-time excessive.
Solana is the fourth-largest cryptocurrency by market capitalization, excluding stablecoins. It launched in 2020 as a sooner and cheaper different to Ethereum, and it presently hosts among the hottest meme cash, together with BONK and Dogwifhat (WIF), in addition to decentralized finance (DeFi) and gaming initiatives.
On the time of writing, SOL had retraced from its latest highs, down 11.44% within the final 24 hours to $260 however nonetheless up 48% weekly.
