Users Can’t Send or Receive Money in Phantom Wallet
A lot of people who use Phantom, a digital wallet for Solana cryptocurrency, are having trouble. They can’t send money to others or get money from them. Some think the wallet might not be working right now because the transactions aren’t showing up on the blockchain, which is like the internet’s ledger for cryptocurrency.
Why Is Phantom Having Issues?
The main reason Phantom might be having problems is because of a lot of people using the Solana network at the same time. Recently, a lot of people got excited about meme coins (joke cryptocurrencies) like BOME, especially after it got added to Binance, a big cryptocurrency exchange. This made the network very busy. People are rushing to buy these new meme coins, hoping they will go up in value, but it’s hard to say if this will keep happening.
Watch Out for Scams
Alongside the operational issues faced by the Phantom wallet, there is a growing concern about fraud within the cryptocurrency community. Several influencers have been promoting the exchange of Solana (SOL) for meme coin airdrops, a practice that has already led to significant financial losses. A recent scam involved a fraudulent wallet stealing $2.6 million worth of Solana tokens from users, highlighting the risks associated with the current frenzy in the meme coin market.