Crypto social media has been flooded by enraged Coinbase users who can’t withdraw their Solana (SOL) tokens, sparking rumors of insolvency. 🤯 One user asked, “Where are my coins?” before claiming to be down nearly $1,000, “patiently waiting for my Solana,” and adding, “Literally never using your platform again. Moving to Gemini.” 💸
“What’s the drama with Coinbase and Solana?” crypto YouTuber ‘Wendy O’ asked her 412,000 followers on X, as crypto investor ‘Curb’ demanded answers from Coinbase CEO Brian Armstrong. 🤔
“After dealing with insolvency last cycle (FTX), we demand answers into why it is taking 9+ hours to send/receive $SOL (takes less than 1 second on chain). Is @coinbase insolvent, where are your proof of Solana reserves? This is unacceptable.” 😡
Coinbase is reportedly out of Solana, making users unable to withdraw their money. 💩 Venture capitalist Will Clemente commented, “What’s more likely is that they haven’t prioritized infrastructure build-out for Solana, maybe in part because they’re not incentivized to do so with a competing on-chain platform (Base).” 🤷♀️
Meanwhile, Coinbase announced support for the recently launched Official Trump (TRUMP) meme coin on the Solana network. 🤦♂️ Solana-based and other meme coins are also getting mauled, with TRUMP tanking more than 20% and MELANIA slumping around 50%. 💩
It’s not the first time Coinbase has failed under heavy demand, and the exchange is known for going offline or having ‘technical issues’ when markets are at peak volatility. 🤯 The Solana network has also had more than its fair share of outages over the past few years. 😒
SOL prices hit an intraday high of $272 on Monday but dumped to $234 during the Tuesday morning Asian trading session, down almost 20% from its all-time high of $293 on Jan. 19. 📉
Buckle up, crypto fans, it’s gonna be a wild ride! 🎢
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2025-01-21 10:42