Solana-based Wallet App Phantom Allegedly Fails to Process Transfers

It is reported that users cannot send or receive funds on Phantom, one of the largest wallet applications of the Solana (SOL) ecosystem. It is said that the wallet may have collapsed in its current situation.

Currently, SOL transfers to Phantom wallets cannot be viewed on blockchain explorers.

It is thought that the problem may be due to density. In recent weeks, the Solana ecosystem has been going through hot days, especially in terms of memecoin, and such intensity may have emerged following the launch of BOME and its listing on Binance.

Following the success of Solana-based memecoins like BOME, many cryptocurrency users are competing with each other to early purchase new memecoins on the SOL network. However, it is unknown how sustainable this situation will be and whether the rise of memecoins will continue.

Many cryptocurrency influencers post on X, claiming that the cryptocurrency community will send them SOL and in return they will airdrop memecoins to users. These posts also bring the danger of fraud. Earlier today, a fraudulent wallet stole $2.6 million worth of Solana tokens from users.

*This is not investment advice.