Coinbase CEO Brian Armstrong announced the resolution of a backlog issue affecting Solana transactions that led to pending transaction times of up to 21 hours due to the launch of President Donald Trump's memecoin, Official Trump (TRUMP). Users with canceled transactions were encouraged to retry posting them. The delay occurred as traders rushed to buy the new memecoin, which caused significant congestion and also led to a surge in Solana's total value locked (TVL) and transaction fees. Solana's market capitalization rose to approximately $127 billion amid this price rally. The transaction fees peaked at $17.8 million on January 19 and $11.7 million on January 21, contrasting sharply with lower fees in December 2024. Google search volumes related to purchasing Solana reached a high of 100 during the week of January 19, indicating rising interest in crypto trading. The Coinbase app ranks second in the finance category of the Apple App Store, indicating increased user engagement in trading platforms.

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