Solana’s network recorded an extraordinary surge in trading volume, reaching $39.2 billion on January 19, 2025.
The rise, propelled by Donald-Trump-themed cryptocurrency tokens, pushed major trading platform Coinbase to its technical limits.
Transaction volumes on Solana skyrocketed to more than ten times their normal levels after the January 17 launch of $TRUMP and $MELANIA tokens. This surge forced Coinbase to delay withdrawals while its systems struggled to keep pace with demand.
“My guess is they just can’t keep up with the tip of the chain because they generalize their indexing to all chains but don’t account for how different all those chains are,” explained Mert Mumtaz, CEO of Solana infrastructure developer Helius.
Data from DeFi Llama shows the blockchain’s DEX volume hit $39.2 billion on January 19. Meanwhile, its Total Value Locked (TVL) surpassed $12 billion for the first time, marking a 50% increase in just seven days. Market excitement around the tokens coincided with Solana’s price peaking at $293 on January 19, its highest level since November 2022.
Source: DeFi Llama
The impact extended beyond just trading volumes. Over the past week, Solana’s DEX experienced a 320% surge in activity, surpassing Ethereum and BNB Chain to become the leading blockchain for DEX volume.
As of January 22, Solana’s price stands at $253.95, with a 24-hour trading volume of $9.97 billion. The cryptocurrency maintains its position as the fifth-largest by market capitalization, valued at $123.78 billion. Price movements show a 6.82% change over the last 24 hours, with a broader 34.13% increase over the past week.
This massive influx of trading activity has created ripple effects across the sector. The $TRUMP token reached a market capitalization of $7.5 billion, while $MELANIA achieved $1.7 billion. Both demonstrate the extraordinary scale of investor interest in politically-themed digital assets.
However, this surge in popularity has come with its challenges. Both tokens experienced significant volatility, with $TRUMP falling 26% and $MELANIA dropping 47% within 24 hours of reaching their peaks. The meme coins also drew fire over conflict of interests.
The event marks a significant moment for cryptocurrency infrastructure, testing the limits of both centralized exchanges and blockchain networks. While Solana’s network has largely maintained functionality under the unprecedented load, the strain on services like Coinbase highlights the ongoing challenges facing cryptocurrency platforms as they adapt to sudden surges in user activity.
