Some of the big-name exchanges have now suspended Dogecoin (DOGE) withdrawals as the token experiences unexpected interest. Global crypto exchanges are encountering issues with DOGE withdrawals amid Redditors pumping the altcoin up to about 900% in the last 48 hours.
On January 28, several crypto users reported on Twitter that they did not manage to withdraw their coins as a result of exchanges temporarily suspending withdrawals. The affected exchanges allegedly included some major cryptocurrency platforms like Bittrex, Poloniex, and Yobit.
Some of the crypto users said that they signed in on Dogecoin-supporting exchanges like Poloniex to acquire some DOGE only to discover that withdrawals were unavailable shortly after they deposited. 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.”
$DOGE was trending, and I couldn’t get it on Kucoin. Logged into Bittrex to get some, and got this surprise!
I guess it was worth less than a tenth of a penny (in total) at that time, so I didn’t bother closing it. It’s worth $27 now!
Whattay ROI. 📈 pic.twitter.com/6CatphcrlE
— Purple (@zeelaaf) January 29, 2021
The US-based arm of the biggest crypto exchange in the world, Binance.US, has also experienced some withdrawal issues with DOGE. The company announced on January 29 that DOGE withdrawals were suspended briefly for maintenance. But, deposits are still active.
Amidst all these troubled withdrawals, DOGE has tumbled from the list of the top-10 cryptos by market cap and it is currently 13th on the list. The coin also experienced some brief hourly slumps earlier in the day. These losses are however not comparable with DOGE’s parabolic surge of over 260% in the last 24 hours.
Currently, DOGE is consolidating above $0.04, up 360% in the last seven days and analysts think that it might head higher eventually. According to previous reports, Dogecoin’s ongoing parabolic rally might have been arranged and executed by the Reddit group that short-squeezed GameStop stocks. As a result, Robinhood announced on January 28 that it had suspended GameStop trading.
At the time of writing, Dogecoin is trending on Twitter with almost 800,000 mentions on the social media platform, compared to almost 170,000 tweets about BTC.