Phantom Wallet Users Currently Facing Sending and Receiving Money Issues
Many individuals utilizing the Phantom digital wallet for Solana cryptocurrency are encountering difficulties. They are unable to send funds to others or receive payments themselves. This malfunction could be attributed to the transactions not reflecting on the blockchain, which acts as the public ledger for all cryptocurrency activities on the internet.
Factors Behind Phantom’s Operational Challenges
The primary reason for the issues experienced by Phantom could be the overwhelming number of users engaging with the Solana network simultaneously. The recent hype surrounding meme coins, notably BOME, following its listing on Binance, a leading cryptocurrency exchange, has intensified network congestion. Investors are eagerly rushing to purchase these unconventional tokens with hopes of capitalizing on potential value appreciation, although the sustainability of this trend remains uncertain.
Beware of Rising Scam Incidents
In addition to the technical glitches plaguing the Phantom wallet, there is an escalating concern surrounding fraudulent activities within the cryptocurrency sector. Numerous influencers are endorsing the exchange of Solana (SOL) for meme coin airdrops, a practice that has resulted in substantial monetary losses. A recent scam involved a deceitful wallet pilfering $2.6 million worth of Solana tokens from unsuspecting users, underscoring the hazards associated with the present craze for meme coins.
