Some major exchanges suspended DOGE withdrawals as the token gained unprecedented interest.
Global cryptocurrency exchanges are facing more and more problems with Dogecoin (DOGE) withdrawals after the operation of Redditors who have pumped up to 900% of altcoin in the last two days.
On January 28, a number of crypto users reported on Twitter that they were unable to withdraw their Dogecoins due to crypto exchanges temporarily halting their withdrawals. The affected exchanges are reported to be Poloniex and some major crypto platforms such as Bittrex and Yobit.
Some crypto users have reported that they have logged into Dogecoin-supporting exchanges such as Poloniex and just bought some DOGE while learning that withdrawals cannot be made shortly after depositing. “We are working to reactivate the wallet as soon as possible, but we currently have no estimates on the timeline,” Poloniex later said.
Binance.US, the United States-based arm of the world’s largest crypto money exchange, also had withdrawal problems with DOGE. The firm announced on Friday that DOGE withdrawals were suspended for maintenance and deposits were also active. Binance.US later said that the withdrawals were restarted. Binance also had a bigger problem with cryptocurrency withdrawals on the global platform earlier today.
While problematic withdrawals continued, Dogecoin fell from the top 10 cryptocurrency list by market cap. At the time of publication, Dogecoin is the 13th largest cryptocurrency by market cap.
The coin also saw some short hourly drops in the early hours of the day. The losses are incomparable to Dogecoin’s parabolic fluctuation of over 260% in the past 24 hours. Currently, DOGE is trading at $ 0.047, up nearly 480% over the past seven days.
Dogecoin’s ongoing rally is led by the same Reddit group that squeezes the stocks of Gamestop and other companies for a short time. Meanwhile, Robinhood suspended Gamestop trading on January 28th.
While preparing our article for publication, Dogecoin is trending on Twitter, with about 800,000 mentions on the social media platform compared to 170,000 tweets on Bitcoin.