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.
Crypto traders looking for more of the most recent market news today will want to stick around!
InvestorPlace offers daily coverage of the crypto space and today is no different. A few stories to consider diving into include AMC (NYSE:AMC) accepting Litecoin (CCC:LTC-USD), Sandbox (CCC:SAND-USD) launching its metaverse today, as well as “existential crisis” for Ethereum (CCC:ETH-USD). You can find out all about these matters by checking out the links below!
More Crypto News for Monday
- Litecoin Could Rise as AMC Starts Accepting the ‘Silver’ of Crypto
- The Sandbox Crypto’s New Metaverse Launches Today. 9 Things to Know.
- Ethereum Will Struggle to Overcome Its ‘Existential Crisis’
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.