On January 28, a number of crypto users reported on Twitter that they were unable to withdraw their Dogecoin as crypto exchanges are temporarily halting withdrawals. The affected exchanges reportedly include some major crypto platforms such as Poloniex, and reportedly Bittrex and Yobit.
Some crypto users reported signing up with Dogecoin supporting exchanges such as Poloniex to purchase DOGE only to find out shortly after depositing that withdrawals were not available. “We are working on re-enabling the wallet as soon as possible, but we currently have no estimate on the timeline,” Poloniex subsequently announced.
$ DOGE was trending, and I didn’t get it on Kucoin. Logged into Bittrex to get some, and got this surprise!
I think it was worth less than a tenth of a cent at the time (in total), so I didn’t bother closing it. It is now worth $ 27!
What ROI. pic.twitter.com/6CatphcrlE
– (@zeelaaf) January 29, 2021
Binance.US, the United States-based arm of the world’s largest cryptocurrency exchange, has also had short-lived withdrawal issues with DOGE. The firm announced On Friday, those DOGE withdrawals were suspended for alimony, while deposits were also active. Binance.US then said that recordings were resumed. Binance too to experience a bigger problem with crypto withdrawals on the global platform earlier in the day.
Amid troubled withdrawals, Dogecoin has fallen off the list of the top 10 cryptocurrencies by market cap. At the time of publication, Dogecoin is the 13th largest coin by market capitalization.
The coin also saw some brief hourly slumps earlier in the day. The losses were still incomparable to Dogecoin’s parabolic surge of more than 260% in the past 24 hours. At the time of publication, DOGE is trading at $ 0.047, up about 480% over the past seven days.
As reported by Cointelegraph, Dogecoin’s ongoing rally has likely been orchestrated by the same Reddit group that short-squeezed shares of Gamestop and other companies. Robin Hood Suspended Gamestop trading on January 28.
At the time of publication, Dogecoin is trending on Twitter with nearly 800,000 mentions on the social media platform, compared to about 170,000 tweets about Bitcoin.