- Coinbase counters claims of hostility towards Solana, reinforcing its commitment with significant legal and financial resources.
- Solana’s network struggles with delays amid memecoin trading surge, yet retains robust support from Coinbase.
In recent crypto market developments, Coinbase, has dismissed claims of hostile intentions toward Solana (SOL). These statements surfaced on X, where a user questioned Coinbase’s position on Solana.
Huh? I’ve spent millions of dollars of @coinbase $ to defend SOL against an @SECGov lawsuit falsely accusing it of being a security. My team and I wake up every day thinking about how we defeat this outrageous attack. And we aren’t stopping, because we believe in SOL. If that’s… https://t.co/GMKy0QtLcA
— paulgrewal.eth (@iampaulgrewal) January 25, 2025
Paul Grewal, clarified that the company has devoted resources to defend SOL against SEC allegations. He explained that his legal team confronts accusations suggesting Solana is a security, highlighting Coinbase’s commitment to the network.
Solana co-founders Anatoly Yakovenko and Raj Gokal supported this stance. They expressed appreciation for Coinbase’s backing, stressing that the two groups maintain a strong partnership.
This viewpoint arose during network delays triggered by a surge in transactions tied to meme-themed tokens referencing Donald Trump and Melania Trump. These events created disruptions for U.S.-based Coinbase users, who experienced slowed transactions.
We have the Solana backlog triaged, and transactions should generate quickly again. If your transaction got canceled you can retry it now – apologies for the trouble.
It’s clear we need to step up our game on Solana, scale our infrastructure, and provide native support for…
— Brian Armstrong (@brian_armstrong) January 22, 2025
Coinbase CEO Brian Armstrong addressed the concerns, confirming that the technical issues had been identified and advising customers to retry their operations. He characterized the heightened transaction volume as evidence of strong interest in Solana’s blockchain environment.
Despite these operational difficulties, SOL’s price maintained upward movement, recording a 3.05% rise per CoinMarketCap. Some observers predict Solana could eventually surpass Ethereum in market standing, reflecting ongoing trader interest.
ETHNews analysts note that the cooperation between Coinbase and Solana demonstrates a shared objective of fostering reliable market structures. The crypto sector will watch how both parties handle future hurdles and provide stable activity for participants.
The current price of Solana (SOL) stands at $255.53 USD, marking a 0.88% increase in the past 24 hours. However, over the last week, the price has dropped by -5.26%, suggesting some short-term bearish movement.
Solana’s market capitalization is valued at $124,367,105,462 USD, making it the 5th largest cryptocurrency by market cap. Over the last 24 hours, the trading volume reached $4,682,833,516 USD, although this figure represents a 24.80% decrease compared to the previous day.
This decline in trading activity could indicate reduced investor engagement or a temporary pause in market momentum as traders adjust their positions.
Historically, Solana has achieved significant milestones. Its all-time high was recorded on January 19, 2025, at $293.31 USD.
Compared to this recent peak, the current price is about 12.86% lower, signaling a moderate correction in value. On the other hand, its all-time low was just $0.5008 USD, reached on May 11, 2020.
The current price represents an extraordinary 50,934.73% increase from that point, showcasing the remarkable growth Solana has experienced since its inception.
In tems of market behavior, Solana’s price over the past day fluctuated between $253.16 and $260.22 USD, reflecting moderate volatility.
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