Binance Restarts Dogecoin Withdrawals, CZ Announces Giveaway

by in Cryptocurrency News

Binance Dogecoin Withdrawals

Leading crypto exchange by trading volume, Binance announced resuming Dogecoin withdrawals. The platform stopped the function when it discovered a technical issue that appeared as a result of a Dogecoin wallet version upgrade on Nov. 11.

Related: Musk and CZ Got Into an Argument Over the Dogecoin Issue

It turned out that transactions stuck on Binance about a year ago, activated, and funds were sent to 1.634 users.

In the blog post, the Binance team says that they work with Dogecoin Core maintainers to detect, solve and prevent network problems. On November 27, the teams carried out tests to open up withdrawals again, and as everything went successfully, today they have restarted withdrawals.

Also, Binance CEO Changpeng Zhao (CZ) announced a giveaway, where users of the exchange can enter and choose which prize they prefer to win: custom DOGE Tesla and $50.000 in Dogecoin.

After the news of the Dogecoin withdrawals suspension became known, Tesla CEO Elon Musk, who often tweets about the coin, asked what was the reason for the problem.

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Currently, Dogecoin is the 10th largest cryptocurrency with a market cap of over $29.1 billion. Currently,it trades for about $0.2208, 70% down from its all-time high of $0.7376 reached on May 8, 2021.