Coinbase users have been waiting hours for their Solana transactions and wondering if there’s no more SOL left on the exchange.
One Coinbase user in a tweet on 19 January said he had waited 90 minutes for his SOL deposit to be confirmed with no hope in sight.
Today, a crypto influencer posted just a few hours ago that some Coinbase users have been waiting for SOL transactions for 40 hours, so what’s happening?
The ‘TRUMP’ effect
The issue with SOL transactions coincides with the launch of newly inaugurated U.S. president Donald Trump’s new crypto token.
Named after the president, the TRUMP token has pumped beyond the expectations of most, reaching a price of over $70 within days.
As the token was launched on the Solana network, it isn’t surprising that SOL may be in short supply as many retailers rush to buy the token which they need to buy TRUMP.
To make matters worse, the president’s wife, Melania Trump also launched her own token, MELANIA on the eve of the presidential inauguration, also on the Solana network.
This obviously worsened the situation of both the Solana network and Coinbase, both of which are known to crash during times of high transaction volume.
A bullish sign
While many SOL holders are stranded with their transactions, most members of the crypto community see this as a bullish sign that shows more retail buyers are coming in, meaning better days may still be ahead.
Bull runs generally bring in retailers who are not long-term investors but are rather looking for some quick profit.
Notably, this bull run which started in 2024 has already increased crypto ownership by 33%.
If this number means anything, it means more pressure should be expected as more retailers are likely to come in before the bull run comes to an end.
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