Solana users hit by delays after Trump memecoins debut

Solana customers have been experiencing community difficulties following the latest memecoin launches by US President-elect Donald Trump and his spouse, Melania, forward of the official presidential inauguration on Jan. 20.

Trump’s advisory staff launched the Official Trump (TRUMP) memecoin on Jan. 18 and the Official Melania (MELANIA) token on Jan. 19 on the Solana community, forward of Trump’s presidential inauguration on Jan. 20.

The memecoin launches introduced important buying and selling quantity to Solana, reportedly inflicting congestion on the community.

Solana’s blockchain explorer had not reported any new transactions within the half-hour main as much as 9:43 pm UTC on Jan. 19, wrote pseudonymous crypto dealer Dave in an X post.

Different customers have additionally reported congestion points, together with “500 Inner Server Errors” when transacting on Solscan.

The Solana blockchain’s resilience, together with the argument between monolithic and modular blockchain scalability, was reignited by a major Solana outage in February 2024, which pressured validators to restart the community after block manufacturing floor to a halt.

Regardless of the reported congestion errors and a few transactions failing, Solana has boasted 100% uptime previously 90 days, with no outage since Feb. 6, 2024, according to knowledge from Standing.Solana.

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TRUMP, MELANIA memecoin distribution flashes crimson flags for buyers

The Trump household’s memecoins have garnered mainstream consideration, however their token allocations have raised crimson flags amongst buyers.

The web site for the MELANIA token, shared by Mrs. Trump, claimed that 35% of the tokens had been distributed to the token’s staff, whereas 20% have been allotted to each the treasury and the neighborhood, with 15% provided to the general public and 10% put aside for liquidity.

Nevertheless, blockchain analytics platform Bubblemaps said in a Jan. 19 X publish that almost 90% of the token provide was in a single pockets and didn’t match the claimed token distribution.

Mental property rights to the web site “melaniameme.com,” which supported the launch of MELANIA, are held by MKT World — an organization arrange by Mrs. Trump in 2021 that shares a enterprise deal with with the Trump Worldwide Golf Membership, according to the Florida Division of State information.

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In the meantime, Donald Trump’s self-titled TRUMP token noticed $5 billion wiped off its market cap within the 40 minutes after MELANIA launched, with its worth falling 38% from $74.6 to $45.9, CoinMarketCap knowledge shows.

As of 9:08 am UTC, the TRUMP token was buying and selling at $57.50, down 3.3% previously 24 hours.