Binance has paused the withdrawal of SOL cash via Solana Network after it recorded a excessive withdrawal quantity. The transfer comes as Donald Trump launched TRUMP meme coin on Solana, taking the liquidity from different tokens within the crypto market immediately.
Binance Halts Solana (SOL) Withdrawals Temporarily
Binance’s buyer assist on X said that the platform was replenishing the new pockets for SOL withdrawal via the BSC Network. The incident got here to mild after a Binance consumer posted their query on X, asking the platform why it was not permitting SOL withdrawals.
SOL withdrawals in excessive quantity might be a end result of enthusiasm across the meme coin and a surge of 11.23% in its token worth over the previous 24 hours.
An elevated enthusiasm round SOL is probably going the results of the launch of TRUMP meme coin which is now reside on Solana. It might be purchased utilizing a debit card or a cryptocurrency.
Meanwhile, Binance has requested customers to register to obtain notifications when SOL withdrawals resume. The platform has not given a timeline however the withdrawal perform ought to resume quickly.
SOL price is now at $236.38, which additionally displays an uptick of 26.90% within the final 7 days and a rise of 12.39% within the final 1 month. The 24-hour buying and selling quantity has jumped by 57.02%, with a rise of 11.19% available in the market cap.
Coinbase Notifies Impact on SOL Withdrawals
According to a Coinbase update, some customers could also be experiencing delays in sending or receiving SOL tokens. However, buys, sells, and fiat withdrawals or deposits haven’t been affected to this point. Coinbase has said that it’s investigating the difficulty and can present an replace on the matter on the earliest.
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