Binance Opens the Dogecoin Network for Withdrawals


Binance – the crypto exchange- is fully opening withdrawals for DOGE. This is after a technical problem that aroused an argument between Elon Musk and Binance CEO. For almost two weeks, traders and investors were not able to make the withdrawals because of network problems.

According to Binance, the network problem was unfortunate, and it was not a shady business, as some were alleging. Tesla CEO released a harsh rebuke to the binance CEO on Twitter after limits were put on the meme coin, saying that the exchange had issues with their meme coin DOGE.

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Binance happens to be the biggest mover of DOGE. According to Musk, the crypto holders should not rely on the exchanges to store their coins but instead own wallets. Musk mentions that crypto exchanges are always a target for crypto hackers.

Recently, Robinhood was hacked. Robinhood has over 5 million email addresses and 2 million customer names. Other users had also posted showing their accounts at the exchange with pending withdrawals.

Binance’s Responds Saying Withdrawals Will Open Soon

Binance responded, saying that they are rebuilding their Dogecoin wallet wholly, which is why they were experiencing withdrawal delays. The exchange continues to add that the delay will continue for a whole week as they continue to work on the wallet. 

The CEO Changpeng also tried to hit back at Musk by giving a similar occurrence where Tesla.Inc had to recall about 12000 cars because of a technical problem. He further added that the Dogecoin network upgrade caused the delay in the withdrawal.

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According to Binance, a very small number of users were affected, with some getting their withdrawals with extra coins after the update was complete. Binance is however requesting the users to return the Dogecoins that do not belong to them back to the wallet. The exchange has also mentioned opening the network soon to all the dogecoin holders to trade and make withdrawals anytime they need to.

Dogecoin is currently down 30% in the past one month, settling at $0.2142  however, the profit is much higher in annual terms compared to the rest of the years and has gained about 6000% with the help of cryptocurrencies which surged highly this year.

Doge on the Rise After Musk’s Tweets

Elon Musk is a great supporter of the meme coin DOGE, receiving the recent title ‘The Dogefather.’ After the binance response, he urges Doge and other crypto holders on exchanges to remove their crypto and store them under private keys.

According to Musk, the exchanges are no longer safe to store. Doge has seen another surge after this recent argument, though not significant anyway. In the recent past, Doge has also been receiving support from giant whales, accumulating 30% of all dogecoin.

With the incident at Robinhood and Elon Musks’ tweets, investors might reconsider storing their crypto in exchanges. However, the coin will continue to hold because significant; . companies like AMC accept it for payments of their tickets, products, and services.

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