Coinbase users are venting their frustrations online about some serious delays in withdrawing their Solana tokens from the exchange.
Social media is pretty full with angry tweets and posts, and some are even speculating about potential insolvency issues at Coinbase.
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Problems with withdrawals, problems with reserves?
Crypto investor Curb didn’t hold back when he tagged Coinbase CEO Brian Armstrong, demanding answers about why it’s taking over nine hours to send or receive SOL when it should take less than a second on the blockchain.
“Is Coinbase insolvent? Where are your proof of Solana reserves?”
The word on the street is that Coinbase might be running low on Solana, leaving users unable to access their funds.
Financelot, another crypto enthusiast, shared that Coinbase is reportedly out of Solana.
Will Clemente, a venture capitalist in the crypto space, suggested that maybe Coinbase just hasn’t prioritized building up its infrastructure for Solana, especially since they have a competing platform called Base.
Not unique incident
As users shared screenshots of their long wait times for transactions, one exasperated user lamented, “Where are my coins?” and claimed to be down nearly $1,000 while “patiently waiting for my Solana.”
They even declared they’d never use Coinbase again and were switching to Gemini instead.
In the midst of this chaos, Coinbase did announce support for the new Official Trump meme coin on the Solana network as an SPL token.
But let’s be real, this isn’t the first time Coinbase has stumbled under heavy demand, as the platform has a history of going offline or encountering various technical issues when the market gets wild.
And don’t forget that the Solana network itself has had its fair share of outages over the years.
Solana price reaction
To add fuel to the fire, SOL’s price has taken a nosedive too. It plummeted around 13%, dropping from an intraday high of $272 to $234 during Tuesday’s Asian trading session.
And if that wasn’t enough to make investors sweat, SOL is now down nearly 20% from its all-time high of $293 just a few days ago.
Meme coins aren’t faring any better either. The TRUMP coin has tanked over 20%, while MELANIA has seen a staggering 50% drop in just 24 hours. Not so fun, huh.
