Problems Arise When Sending Money in Phantom, a Solana Wallet
Users Encounter Difficulties Sending or Receiving Funds in Phantom Wallet
A significant number of individuals utilizing Phantom, a digital wallet for Solana cryptocurrency, are encountering issues with sending money to others or receiving funds from them. The functionality of the wallet might be compromised at the moment, as transactions are not reflecting on the blockchain, which serves as the virtual ledger for cryptocurrency.
Why is Phantom Experiencing Issues?
The primary reason behind Phantom’s current problems could be the high volume of users utilizing the Solana network simultaneously. The recent surge in interest surrounding meme coins, such as BOME, particularly after its listing on the renowned cryptocurrency exchange Binance, has resulted in a congested network. Individuals are hurrying to purchase these new meme coins in hopes of capitalizing on their potential value surge, but it remains uncertain if this trend will persist.
Stay Vigilant against Scams
In addition to the operational challenges faced by the Phantom wallet, there is a growing concern about fraudulent activities within the cryptocurrency community. Several influencers have been promoting the exchange of Solana (SOL) for meme coin airdrops, a practice that has already caused substantial financial losses. One recent scam involved a deceitful wallet pilfering $2.6 million worth of Solana tokens from unsuspecting users, underscoring the risks associated with the current meme coin frenzy.