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In a recent response on X, Coinbase CEO Brian Armstrong highlighted an unexpected surge in Solana activity. Armstrong noted that Coinbase's Solana infrastructure was under significant pressure, stating that the Coinbase team had been working hard to scale the infrastructure in response to the unexpected surge.
"Team is working hard on scaling our Solana infra now - lots of Solana activity last few days, we were not anticipating this level of surge," the Coinbase CEO wrote. This activity surge most likely began on Friday and extended through the weekend, as meme tokens issued on the Solana blockchain sparked a market frenzy. Solana's price rose as well, setting new record highs.
Elsewhere, Solana Floor, a Solana-focused X account, cited multichain wallet Phantom reporting over eight million requests per minute, resulting in wallet loading failures and transaction issues. Users faced disruptions as the recent meme coin frenzy on Solana drove massive activity.
Tomiwabold OlajideAccording to the same source, Solana's 24-hour DEX trading volume hit $23.7 billion in the last 24 hours, setting a new high, with DEX dominance at a historic 65%. This volume is three times greater than the combined volume of Ethereum and its layer-2s.
It is worth noting that the Solana chain has held up despite the massive activity surge and is operational, with 100% uptime. The most recent update from the Solana Status webpage reports all systems operational with no reported downtime in the last 90 days.
SOL hits record highs
Solana's SOL has reached new highs, fueled by the recent meme coin mania. The price of SOL rose to a high of $294 on Sunday, marking a fresh all-time high.
Solana is the fourth-largest cryptocurrency by market capitalization, excluding stablecoins. It launched in 2020 as a faster and cheaper alternative to Ethereum, and it currently hosts some of the most popular meme coins, including BONK and Dogwifhat (WIF), as well as decentralized finance (DeFi) and gaming projects.
At the time of writing, SOL had retraced from its recent highs, down 11.44% in the last 24 hours to $260 but still up 48% weekly.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov