The Return of Dogecoin Withdrawals
After a lengthy 17-day hiatus, Binance has finally lifted the suspension on Dogecoin (DOGE) withdrawals. This unexpected freeze was due to a hiccup involving the DOGE wallet upgrade, creating a perfect storm of issues for anyone hoping to access their beloved meme currency.
A System Glitch Like No Other
In a recent announcement, Binance detailed the complications caused by a conflict between several versions of the DOGE wallet. It was a case of being in the wrong place at the wrong time—if your wallet had been around since 2019, experienced some old transactions, and went through several upgrades in quick succession, well, surprise! You were likely affected.
- According to Binance, 1,634 users were sent old transactions.
- The company described the issue as resulting from “a combination of unlikely factors.”
When Elon Musk Gets Involved
Sometimes, a tweet can make all the difference. Tesla’s big cheese, Elon Musk, chimed in on Twitter, calling out Binance for what he deemed a “shady” withdrawal situation. This, of course, prompted Binance CEO Changpeng Zhao to immediately clarify that the hiccup stemmed from the latest DOGE wallet upgrade, not any foul play.
Was Anyone to Blame?
Interestingly, Binance stressed that “no single entity was at fault.” This was not a case of nefarious actions but rather a series of unfortunate events that spiraled out of control. As Binance put it, the problem was inadvertently created by threading the needle with their upgrade protocols.
The Current State of Dogecoin
Despite the hiccup, Dogecoin remains a popular choice among crypto enthusiasts, largely due to Musk’s vocal support since 2020. As of now, DOGE ranks as the 10th-largest cryptocurrency, boasting a market capitalization of $27 billion. However, it’s not all sunshine and roses. The price of DOGE has taken a nosedive recently, plummeting more than 22% over the last two weeks according to CoinGecko. That’s got to sting for anyone holding onto their coins!
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