Coinbase
Coinbase is one of the world's largest crypto exchanges. Coinbase on X / Video Screenshot

KEY POINTS

  • The exchange giant has been asked if it is 'insolvent' and if it had adequate $SOL reserves
  • Some claimed that $SOL transactions were taking as long as 40 hours
  • Coinbase's Armstrong previously said the team was working on Solana infrastructure
  • Solana saw a significant spike in activity over the weekend following the launch of the $TRUMP and $MELANIA tokens

Cryptocurrency exchange giant Coinbase is under fire for alleged issues that users are facing regarding their Solana (SOL) transactions, with some questioning whether the exchange has "ran out" of SOL reserves.

At first, smaller crypto users were complaining about hours-long Solana-related transactions, but by Monday, even prominent figures in the space have come out to allege that their SOL send/receive transactions were delayed.

Coinbase Faces Backlash Over Alleged $SOL Transaction Delays

Curb, founder of AI memecoin ETH, took to X to demand answers "into why it is taking 9+ hours to send/receive $SOL," transactions Curb said would take less than one second onchain.

The ETH meme token founder went on to tag Coinbase CEO Brian Armstrong and the X handle of the exchange. "Is @coinbase insolvent, where are your proof of Solana reserves?" he asked.

Prominent Bitcoiner Bitcoin Dad said, "Coinbase is apparently out of SOL and users can't withdraw it from the exchange."

Long-time crypto holder Bryce said Monday he has been a customer of Coinbase for a decade, but he is now considering doing business on a different platform "since you keep throttling SOL."

Well-followed crypto trader Ash said "many people are waiting for withdrawals from 40 hours," adding that it appears Coinbase has "ran out of $SOL."

Shadow, another well-followed figure in crypto, blasted the exchange, asking if he will "ever" receive his SOL tokens.

Many other smaller crypto holders had similar complaints, saying their SOL transactions were taking much longer than usual, and others said they still haven't received Solana coins they sent from Coinbase to their wallets.

Late on Monday, the official X handle of the Coinbase support team commented on Curb's post, saying it is "actively working on resolving this issue."

"We are aware that some users may be experiencing delayed sends and receives on the Solana network. Buys, Sells, and Fiat withdrawals/deposits are not affected. Our infrastructure team is working to resolve the issue," a spokesperson for Coinbase told International Business Times when reached for additional comments.

Did $TRUMP, $MELANIA Memecoins Affect Solana Performance?

The exact reasons for the SOL token delays for Coinbase users are unclear, but there is speculation it could be related to a post by Armstrong on Sunday – the same day U.S. First Lady Melania Trump's Melania Meme (MELANIA) memecoin was launched.

Armstrong said at the time that the Coinbase team was hard at work on "scaling our Solana infra," saying there has been a massive influx in activity around the Solana chain in recent days. "We were not anticipating this level of surge," he said.

The weekend was indeed massive for Solana following the launch of U.S. President Donald Trump's Official Trump (TRUMP) memecoin and the Sunday release of the MELANIA token.

Clamor over the meme tokens appears to have affected the Solana chain's performance and, in turn, potentially had an impact on Coinbase transactions related to the blockchain's native cryptocurrency.

It remains to be seen whether Coinbase will be able to resolve the transaction delays soon, or if the memecoin frenzy will continue to affect the market.

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