TL; DR Breakdown
- Dogecoin withdrawal resumes on Binance
- Binance boss blames glitch for the issues
- Dogecoin continues to trade up
Binance has been in the news over the last couple of days and not for some very good reasons. The one reason that stood out was the issue of suspended Dogecoin withdrawals on the crypto exchange. While the issue persisted, it forced Tesla CEO Elon Musk to put in a word, sparking outrage from Binance boss Changpeng Zhao. Days after the heated argument between the two parties, Binance has announced that Dogecoin withdrawals had now been enabled on the platform.
CZ said a glitch caused the issues
According to a previous statement, Binance said that the issue was due to a glitch that appeared after an update to the wallets on the platform was done. On Monday, Binance announced that’s withdrawals were now live, making the suspension of withdrawals last about 17 days. During the issue, Binance also said that more than 1,000 users on the platform were sent some of their old transactions.
In the statement, Binance said that this issue and the others concerning Dogecoin happened because of some unlikely factors. Ultimately, the Dogecoin withdrawal issue only affected Binance as no other crypto exchange announced such a glitch. Breaking it down, Binance said the issue only happened to traders who have held Dogecoin since 2019, had some pending transactions on their wallet, and upgraded it recently.
Dogecoin continues to trade upward
Binance, in tackling the issues, had to first resend the coins back to the wallets before developing a new wallet entirely. The statement also mentioned that no party had any fault on the issue as it happened without prior knowledge on their part and the Doge network. When the Dogecoin withdrawal issue occurred, Binance boss and Tesla CEO had a bitter exchange of words on Twitter.
Following Elon Musk’s opinion that everything surrounding the issue, Changpeng Zhao quickly has his piece on the issue. Dogecoin has been seeing a massive amount of followership after it had a natural influencer in Elon Musk. Presently, Dogecoin is trading at $0.205 after seeing a small rise of 2.71% in the last 24 hours. It is ranked #10 on CoinMarketCap with a market cap of $27,198,443,468.