Report said that global cryptocurrency exchanges are increasingly experiencing issues with Dogecoin (DOGE) withdrawals amidst Redditors pumping the coin up 900% in the past two days.
It has been reported that a number of crypto users reported on Twitter that they were unable to withdraw their Dogecoin due to crypto exchanges temporarily halting withdrawals. The affected exchanges reportedly included some major crypto platforms like Poloniex, Bittrex, and Yobit.
Have you seen what is happening on @YobitExchange ? $Doge is listed at $0.035 and withdrawals are not working. really sketchy situation. — CryptoIsComing (@ComingCrypto) January 29, 2021
However, some crypto users reported that they signed in on Dogecoin-supporting exchanges like Poloniex to buy some DOGE to only find out that withdrawals were unavailable shortly after depositing.
Did Redditors break the internet again? Some exchanges have been experiencing withdrawal issues with Dogecoin after a 900% surge. https://t.co/bceDug14C8 — Cointelegraph (@Cointelegraph) January 30, 2021
Poloniex subsequently announced:
“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.”
The report said that Binance.US, the United States-based arm of the world’s largest cryptocurrency exchange, also briefly experienced withdrawal issues with DOGE. The firm announced Friday that DOGE withdrawals were suspended for maintenance, while deposits were also active.
$DOGE withdrawals are suspended for maintenance. Trading and deposits are active. — Binance.US 🇺🇸 (@BinanceUS) January 29, 2021
Amidst troubled withdrawals, Dogecoin has tumbled from the list of the top 10 cryptocurrencies by market capitalization.
Thus, the coin also saw some brief hourly slumps earlier on the day.