Coinbase users are in a tizzy and have taken to social media, fuming over long waits to withdraw their Solana (SOL) tokens. It’s a crypto cocktail of chaos as rumors swirl about potential insolvency.
Crypto YouTuber Wendy O' stirred the pot by questioning, “What’s the drama with Coinbase and Solana?” to her massive following. Meanwhile, crypto investor ‘Curb' is demanding answers from Coinbase's head honcho, Brian Armstrong, about why it’s taking a whopping 9+ hours to send or receive SOL when, on-chain, it’s faster than a hiccup.
With the ghost of FTX insolvency still haunting the crypto world, folks are asking some serious questions: Is Coinbase having a Solana shortage? Where are those Solana reserves?
On the other side of the spectrum, ‘Financelot' jumped into the fray, saying Coinbase is reportedly running out of Solana, leaving users high and dry. Crypto venture capitalist Will Clemente chimed in with a more down-to-earth take, suggesting Coinbase might not be rushing to beef up its Solana infrastructure because they have their eyes on their own prize, a platform called Base.
Screenshots of long pending transaction times are making the rounds, with frustrated users wondering where their coins have gone. One exasperated user, down nearly $1,000, vowed to never use Coinbase again, promising to switch over to Gemini.
Just to spice things up, Coinbase announced support for the hot-off-the-press Official Trump (TRUMP) meme coin on the Solana network. But beware, sending this asset over other networks could mean saying bye-bye to your funds.
Coinbase has had its fair share of hiccups in the past, especially when the crypto market goes wild. Let's not forget, the Solana network itself has been known to take unexpected naps over the years.
The mad dash to pull out Solana and cash in comes as the token took a nosedive, dropping around 13%. From an intraday high of $272, it crashed to $234 in the blink of an eye during the Asian trading session. It's also down nearly 20% from its peak of $293 just a few days back.
Solana-based meme coins aren't faring any better, with TRUMP taking a 20% hit and MELANIA slumping by 50%. Other meme coins like Fartcoin, Dogwifhat, Mog Coin, and Freysa AI are also seeing red. It's a rough day in the meme coin kingdom!
