The recent launch of two new memecoins by the Trump family over the weekend has caused a seismic shift in the cryptocurrency market, particularly affecting the Solana blockchain. This article explores the impact of the memecoins $TRUMP and $MELANIA on Solana’s performance and the resultant network congestion faced by its users.
Spectacular Rise of SOL
The launch of the Trump family’s memecoins, $TRUMP and $MELANIA, on January 18, 2025, has dramatically disrupted market dynamics, demonstrating the unpredictable nature of the cryptocurrency space. Following an official announcement from Donald Trump via his X account, interest surged, leading to record highs in Google searches for “Buy Solana” and “Buy Crypto”—levels not seen in over four years. As a result, Solana’s price soared past $290, marking an increase of over 45% within just one week.
This spike reflects heightened demand for Solana, which is essential for purchasing the Trump family memecoins. However, the network soon faced significant congestion as thousands of new users attempted to execute numerous transactions simultaneously, leading to operational issues.
Solana Faces Record Congestion
The sudden enthusiasm for Solana has created cascading effects, causing substantial delays and transaction errors reported by numerous users starting January 19. Some decentralized exchange infrastructures also faltered, displaying messages like “500 Internal Server Error.”
While scalability challenges are not new to Solana, similar issues could arise across all monolithic blockchains confronting bottlenecks. Nevertheless, the good news is that, despite the increased transaction fees and delays, the Solana network did not experience a full-blown outage during this peak activity period, a positive reflection when compared to its prior outages.
Concerns are rising alongside the excitement surrounding the Trump family’s memecoins, particularly as $MELANIA is reportedly held by a single wallet at 90%. This raises questions about investor confidence. Nonetheless, Solana’s choice as the blockchain for this event underscores its significance within the cryptocurrency market.
For those looking to engage with Solana, using wallets like Best Wallet is advised. In response to network congestion, some second-layer solutions, such as Solaxy, are making strides with ongoing presales.
Disclaimer: Cryptocurrencies are a high-risk asset class. This article is for informational purposes and does not constitute investment advice. You could lose all your capital.
Source: CNBC
For Further Reading:
- Quantum Threats: Solana Prepares with an Innovative Solution
- Is Solana More Attractive than Ethereum? This Statistic Reveals All
- Solana Approaches Its ATH, Fueled by Memecoin Frenzy
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