Cryptocurrency exchanges across the world are facing difficulties in managing Dogecoin (DOGE) withdrawal requests against the backdrop of Redditors pushing the altcoin by roughly 900% in the last two days.
Yesterday, several cryptocurrency investors started tweeting about the issues they faced with Dogecoin withdrawals from wallets facilitated by cryptocurrency exchanges.
There have been reports that many exchanges have temporarily suspended withdrawals. The exchanges which are having difficulties in processing withdrawal requests include several cryptocurrency platforms such as Bittrex, Poloniex and Yobit.
A portion of cryptocurrency users have stated that they logged into exchanges that supports Dogecoin, Poloniex for example, only to realize that withdrawals requests were not processed after making deposits. Subsequently, Poloniex issued the following clarification:
“We are working to have the wallet re-enabled as soon as possible, but we don’t have an estimate on the timeline at the moment.”
Binance.US, the US division of the world’s biggest cryptocurrency exchange by trading volume, also faced issues related to withdrawal of DOGE. The exchange issued a statement Friday that withdrawals of Doge were temporarily suspended due to maintenance, but deposits are active.
Later on, Binance.US announced that withdrawals have restarted again. Earlier today, Binance also faced bigger issue related to cryptocurrency withdrawals on its global trading platform.
$DOGE was trending, and I couldn’t get it on Kucoin. Logged into Bittrex to get some, and got this surprise!
I guess it was worth less than a tenth of a penny (in total) at that time, so I didn’t bother closing it. It’s worth $27 now!
Whattay ROI. 📈 pic.twitter.com/6CatphcrlE
— 🍁 (@zeelaaf) January 29, 2021
Against the backdrop of issues related to withdrawals, Dogecoin has lost its place from the top-ten list of cryptos by market capitalization. At the time of publishing, Dogecoin is the 13th biggest cryptocurrency by market capitalization.
The cryptocurrency also recorded brief hourly declines earlier today. However, the losses were negligible in comparison to steep gains of over 260% in the last 24 hours. At the time of writing this article, Doge was trading at $0.05015, reflecting a gain of about 500% in the last seven trading days.
We are working to have the wallet re-enabled as soon as possible, but we don't have an estimate on the timeline at the moment. We will notify you here once the wallet is re-enabled. At that time, deposits will credit automatically and withdrawals will be enabled.
— Poloniex Exchange (@Poloniex) January 29, 2021
$DOGE withdrawals are suspended for maintenance. Trading and deposits are active.
— Binance.US 🇺🇸 (@BinanceUS) January 29, 2021
$DOGE withdrawals are suspended for maintenance. Trading and deposits are active.
— Binance.US 🇺🇸 (@BinanceUS) January 29, 2021
Withdrawals have now been reopened.
Thank you for your patience and welcome to all the new Binancians! https://t.co/iALzMqVyI7
— Binance (@binance) January 29, 2021
There have been news reports that Dogecoin’s current uptrend was instigated by the same Reddit team that played a vital part in the short-squeeze of stocks such as Gamestop. Robinhood has already blocked trading on Gamestop on January 28.
Dogecoin trends on Twitter with almost 800,000 mentions on the popular social media platform, compared with roughly 170,000 tweets related to Bitcoin.
