Dogecoin (CCC:DOGE-USD) is back in the news today after cryptocurrency exchange Binance made a major announcement that’s sending the meme coin higher.
The big news boosting DOGE today is Binance reopening withdrawals of the crypto on its exchange. That’s a welcome change for traders of Dogecoin as they’ve been unable to withdraw their crypto for more than two weeks.
According to Binance, the lack of withdrawals was due to a glitch in the system. This came about following an upgrade to the Dogecoin network on Nov. 10. The problem resulted in a small Twitter (NYSE:TWTR) feud between Tesla (NASDAQ:TSLA) CEO Elon Musk and Binance CEO Changpeng Zhao.
Musk, an influential voice in the Dogecoin community, initially called the withdrawal restriction “shady.” Zhao didn’t take kindly to that and responded with a news article covering recalls of Tesla vehicles, reports Mint.
You can check out Binance’s Dogecoin update below.
— Binance (@binance) November 29, 2021
This Tweet was met with several negative responses from crypto traders today. Even though the issue with Dogecoin withdrawals has been solved. Here’s a few examples of them.
I guess you missed the part that Doge core mantainers suggested some solutions for the stuck transactions before this recent problem actually happened.
But ok, problem’s solved, and it can be used as an example to not have all your coins on a exchange.
— Thiago Jesus (@holmcross) November 29, 2021
— Willy Turnup (@OuterBanxSam) November 29, 2021
binance affected users with impunity without taking responsibility for their failures, forcing users to face losses due to binance’s lack of honesty. no one in the world freezes your assets for 17 days with impunity.
— Fernando Garcia (@Ferchocapital) November 29, 2021
Now that Binance withdrawals are open again for Dogecoin, maybe we’ll see the crypto return to form. The last month hasn’t been kind to DOGE with traders seeing its value fall nearly 28% during that time.
DOGE is up 7.9% over a 24-hour period as of noon Monday and is up 6,167.8% compared to the same time last year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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