Coinbase CEO Brian Armstrong announced that the Solana backlog problem that caused pending transaction times of up to 21 hours on the centralized exchange has been resolved.
In a Jan. 22 X post, Armstrong encouraged users with canceled transactions to retry posting their transactions and apologized to Coinbase users.
The congestion was caused by the Donald Trump memecoin frenzy as traders rushed in to purchase the US president’s official memecoin, Official Trump (TRUMP).
The memecoin launch also caused a separate outage on the Solana network on Jan. 20 due to high demand, sparking criticism and praise for the high-throughput blockchain.
Source: Brian Armstrong
TRUMP memecoin takes Solana to new heights
The launch of TRUMP caused a corresponding price rally for SOL , which hit a new all-time high of $293 on Jan. 19.
According to DefiLlama, Solana’s total value locked surged to $13.9 billion following the launch of the TRUMP token.
Solana network fees also surged during the memecoin hype, with transaction fees climbing to roughly $17.8 million on Jan. 19 and recording a healthy $11.7 million on Jan. 21.
For comparison, Solana network fees ranged between roughly $2.7 million and $5.25 million per day during December 2024.
Solana’s transaction fees and TVL skyrocketed after TRUMP’s memecoin launch. Source: DefiLlama
Data from CoinMarketCap shows SOL’s market capitalization also grew to approximately $127 billion amid the price rally.
Google search volumes for crypto-related terms also soared, including “buy Solana.”
On a scale of 0 to 100, with 100 representing the highest search volume, “buy Solana” hit 100 the week of Jan. 19.
Other search terms that reached peak levels on Google Trends included “buy crypto,” “Coinbase,” and “crypto app.”
Online search volumes and app store rankings are used by some traders to gauge market interest and signal whether or not retail investors are entering the game.
Crypto trading applications now command the top three slots in the finance category on Apple’s App Store at the time of this writing.
Crypto.com currently ranks as number one, with Coinbase coming in at number two and memecoin trading platform Moonshot at number three.
