In January, trading volume on DEX Solana exceeded $158 billion, breaking the previous record of $140 billion (May 2021). And this is in just 20 days. Yesterday, Solana set a new ATH at $294. According to Google Trends statistics, searches like “Buy Cryptocurrency” and “Buy Solana” have skyrocketed.

Coinbase said that "they are working hard to expand the Solana infrastructure." The creators of the Phantom crypto wallet said that the service received up to 8 million requests per minute yesterday. Despite its achievements, Solana continues to struggle with scaling issues.

The market collapse also coincided with the launch of the MELANIA meme token from Melania Trump and the correction TRUMP by 50%. The sale took place against the backdrop of technical difficulties and with some criticism.

• after the start of sales of MELANIA, there was a significant flow of liquidity from other coins, primarily from TRUMP, and with it a wave of sexist jokes;
• the influx of buyers provoked technical difficulties in the operation of wallets, exchanges and even the Solana blockchain (the Phantom wallet reported 8 million requests per minute, and Coinbase intends to “expand the Solana infrastructure”);
• The tokenomics of the project differs from TRUMP: the unlocking of the team’s coins will begin in 30 days, although their share is smaller.

Despite all of the above factors, by morning MELANIA had surpassed $10, suggesting an FDV of $10 billion and a rank of 66 on CoinMarketCap. A number of exchanges have already announced the listing of the asset. At the same time, TRUMP returned to $60.