On November 11, 2021, the Binance cryptocurrency exchange, one of the biggest in the world, announced that it had suspended all DOGE transactions. The announcement at the time stated that problems appeared after upgrades were made to the trading platform. At the time, the announcement stated that the suspension could last up to 14 days.
DOGE Withdrawals Resume
After around 17 days, Binance has on November 29, 2021, announced that DOGE withdrawals have resumed. The statement revealed that it was a series of unplanned events that led to the suspension. It noted that Dogecoin Core Maintainers and Binance had been working hard in the past 17 days to resolve issues due to upgrades to the DOGE wallet. The announcement also denounced any information stating that this was a planned move by the two entities. Shortly after the announcement, the price of DOGE tumbled greatly.
For around 17 days, users of the Binance exchange were unable to withdraw their DOGE. Besides that, an additional 1634 users receive old transactions. Before launching the service, they tested the service on Saturday to check if there were any issues. After examining data from the tests, they have decided to prelaunch all services to allow DOGE holders to make withdrawals.
Elon Musk Chimes In
After issues emerged with DOGE withdrawals, Elon Musk, the CEO of Tesla expressed his concerns on Twitter. Musk is known as one of the most famous proponents of DOGE on the internet. While Musk has drawn the ire of financial regulators for hyping DOGE, no laws have been broken. Since Musk began hyping DOGE, the value of the meme coin has soared. Today, DOGE is a top 10 crypto coin by market cap. It has a total market cap of over $25.5 billion.
However, the statement by Binance stated that this unfortunate incident was not the fault of anyone. Consequently, nobody was being fired over the issue.
Effects On Price
Immediately after Binance announced the suspension, the price of DOGE tumbled dramatically. Looking at the charts, the price dropped almost vertically on the day of the announcement. Since the announcement was lifted, the price of DOGE has been rising steadily. However, the price is still well below the price before the suspension of withdrawals on Binance. That might have something to do with the general bear run the crypto market has recently experienced.
How To Secure Crypto
As the latest incident has demonstrated, even one of the biggest crypto exchanges can experience unforeseen problems. Consequently, it is important that everyone only stores the amount of crypto they use to trade on exchanges. All other amounts should ideally be stored in an offline wallet. Today, there are numerous cold wallet solutions where users can store their crypto coins. While Binance is one of the safest exchanges around, it is still worth it to take measures to protect your wealth.
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