- Coinbase resolved Solana’s 21-hour transaction backlog caused by the TRUMP memecoin surge.
- Solana’s TVL hit $13.9B and fees spiked to $17.8M amid the memecoin frenzy.
- Crypto apps now top Apple’s finance category, with searches for “buy Solana” peaking.
In a surprising turn of events, Coinbase CEO Brian Armstrong announced that the Solana backlog issue, which left transactions hanging for up to 21 hours on the platform, has been resolved.
Taking to X on Jan. 22, Armstrong apologized to users for the inconvenience caused and urged anyone with canceled transactions to give it another shot. “We’ve fixed the issue,” he wrote, adding a quick apology for the frustrating delays.
The Cause? A Memecoin Storm
The root of the problem? None other than the Donald Trump memecoin frenzy. Yep, the official memecoin, creatively named Official Trump (TRUMP), sent traders into a buying spree that clogged Solana’s network.
Interestingly, while Solana’s network apps were briefly overwhelmed by the surge in traffic on Jan. 20, the network itself held steady—no outages, just congestion.
Memecoin Mania Boosts Solana Metrics
The TRUMP token launch didn’t just cause chaos—it propelled Solana to new heights. Following the launch, SOL’s price skyrocketed, reaching a record-breaking $293 on Jan. 19.
Data from DeFiLlama paints an impressive picture: Solana’s total value locked (TVL) surged to $13.9 billion, driven by the memecoin buzz. At the same time, network fees soared to levels rarely seen—$17.8 million on Jan. 19 and a still hefty $11.7 million two days later. For context, typical daily fees hovered between $2.7 million and $5.25 million back in December 2024.
Retail Interest Hits a Fever Pitch
Unsurprisingly, retail traders took notice. According to Google Trends, search queries like “buy Solana” shot to their maximum score of 100 during the week of Jan. 19. Other crypto-related searches—“buy crypto,” “Coinbase,” and “crypto app”—also reached peak levels.
This wave of interest translated into app store dominance: crypto trading platforms now hold the top three finance app spots on Apple’s App Store. Crypto.com ranks first, followed by Coinbase and memecoin-centric platform Moonshot in second and third, respectively.
A Wild Week for Crypto
It’s been a whirlwind for both Coinbase and Solana—a combination of congestion headaches and unprecedented highs. As for the TRUMP memecoin? Love it or hate it, it’s hard to ignore the impact it’s had on Solana’s ecosystem and retail trading at large.
