Crypto social media has been flooded by enraged Coinbase customers who can not withdraw their Solana (SOL) tokens, sparking rumors of insolvency.
“What’s the drama with Coinbase and Solana?” crypto YouTuber ‘Wendy O’ requested her 412,000 followers on X on Jan. 21.
In the meantime, crypto investor ‘Curb’ requested Coinbase CEO Brian Armstrong, “After coping with insolvency final cycle (FTX), we demand solutions into why it’s taking 9+ hours to ship/obtain SOL when [it] takes lower than 1 second on chain.”
“Is Coinbase bancrupt? The place are your proof of Solana reserves?” they requested.
Brian / Coinbase,
After coping with insolvency final cycle (FTX), we demand solutions into why it’s taking 9+ hours to ship/obtain $SOL (takes lower than 1 second on chain).
Is @coinbase bancrupt, the place are your proof of Solana reserves?
That is unacceptable.@brian_armstrong pic.twitter.com/dFjkkLk9et
— Curb◎ (@CryptoCurb) January 20, 2025
Solana Caught on Coinbase
“Coinbase is reportedly out of Solana, making customers unable to withdraw cash,” stated ‘Financelot’ to their 205,000 followers on X.
Crypto enterprise capitalist Will Clemente commented, “What’s extra seemingly is that they haven’t prioritized infrastructure build-out for Solana, possibly partly as a result of they’re not incentivized to take action with a competing on-chain platform (Base).”
Others shared screenshots of ready occasions of hours for pending transactions, with one consumer asking, “The place are my cash?” earlier than claiming to be down practically $1,000, “patiently ready for my Solana,” including, “Actually by no means utilizing your platform once more. Shifting to Gemini.”
On Jan. 21, Coinbase introduced assist for the not too long ago launched Official Trump (TRUMP) meme coin on the Solana community as a SPL token.
Coinbase will add assist for Official Trump (TRUMP) on the Solana community (SPL token). Don’t ship this asset over different networks or your funds could also be misplaced. Transfers for this asset can be found on @Coinbase & @CoinbaseExch within the areas the place buying and selling is supported.
— Coinbase Property ️ (@CoinbaseAssets) January 20, 2025
It’s not the primary time Coinbase has failed beneath heavy demand, and the change is understood for going offline or having ‘technical points’ when markets are at peak volatility. The Solana community has additionally had greater than its justifiable share of outages over the previous few years.
SOL Value Slumps
The frenzy to take away Solana and money out has been exacerbated by the token tanking by round 13% over the previous few hours. SOL costs hit an intraday excessive of $272 on Monday however dumped to $234 through the Tuesday morning Asian buying and selling session.
Moreover, the asset can also be down nearly 20% from its all-time excessive of $293 on Jan. 19.
Solana-based and different meme cash are additionally getting mauled right now. TRUMP has tanked greater than 20%, whereas MELANIA has slumped round 50% over the previous 24 hours.
Different memes, resembling Fartcoin, Dogwifhat, Mog Coin, and Freysa AI, are additionally deep within the purple.
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