Crypto Meltdown

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The crypto wallet app known as Phantom, which enables users to acquire, keep, and exchange cryptocurrencies and NFTs, has effectively handled the challenges brought on by a high volume of activity. Consequently, the platform is running smoothly once more. Previously, it was grappling with substantial transaction delays and difficulties due to processing over 8 million requests every minute. Fortunately, thanks to the quick work of its technical support teams, transactions are now being processed without complications, and the platform’s stability is anticipated to continue in the future.

In the face of numerous difficulties, Phantom successfully managed a whopping $1.25 billion in trading volume and executed 10 million transactions today, showcasing its robustness. This sudden burst of activity put the platform to the test, but the dedicated team ensured smooth operation while devising solutions. The platform extended gratitude to Mert Mumtaz, CEO and co-founder of Helius Labs, and Ethan Chan, CEO and co-founder of Allium Labs, for their invaluable help in resolving the problem.

Confirmation received: Transactions are running flawlessly now, and we’re back to our regular operations. We extend our heartfelt thanks for your patience during the recent hiccups, and want you to know that we’re making additional enhancements to handle any future surges in demand more efficiently. Our team communicated this message:

“Transactions are flowing smoothly again, and everything’s back on track! Thank you for your understanding during the temporary issues, and rest assured we’re working hard to ensure such incidents don’t happen in the future.

I’m really sorry about the problems encountered today, but I want to assure you that everyone’s understanding and cooperation are vital to us as we work diligently to enhance our systems for managing larger volumes.

Participants showed a range of opinions regarding the finalized incident. Some commended Phantom for their swift action, while others voiced discontent because funds were withdrawn even though transactions didn’t go through as intended.

Jupiter Faces Similar Challenges amid Growing Traffic

Due to high demand, our systems are facing issues similar to a traffic jam. We’re doing our best to sort it out and get everything moving normally again.

Currently, all our systems are experiencing heavy use, and we’re working tirelessly to get things back to normal service. We deeply apologize for any inconvenience this may have caused. For urgent matters, please submit a ticket in our Discord channel, and rest assured we will address them promptly. On the positive side, it seems that mass adoption is underway!

Trump’s Crypto Move Triggers Mass Adoption and Platform Strain

The surge in popularity of cryptocurrencies could be linked to the recent introduction of meme coins such as TRUMP and MELANIA, launched by former US President Donald Trump and his wife Melania respectively. This newfound interest in crypto, coupled with Donald Trump’s pro-crypto stance, has sparked a rapid increase in adoption, resulting in heavy traffic on various cryptocurrency platforms. Notably, top crypto analyst Ash Crypto stated on platform X that the introduction of these coins might have caused strain on networks like Solana, as wallet services such as Phantom and Jupiter have experienced downturns.

The influence of Trump on cryptocurrencies is driving widespread acceptance of digital currencies. Some are applauding this development, but there are those who view the introduction of the TRUMP and MELANIA tokens as a speculative tactic aimed at artificially inflating prices (pump-and-dump scheme).

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2025-01-20 14:06