Binance Releases Post To Explain Recent DOGE Issues

Binance and DOGE developers have jointly released a statement that provides details regarding the suspension of DOGE withdrawals on the exchange platform for more than two weeks. 

The Issue

Over 1,500 DOGE holders on Binance received old transactions during that period because the different versions of the DOGE wallet contradicted each other on the exchange’s developer side. Both parties agreed that the situation was caused by unexpected circumstances surrounding Binance. 

However, the two parties are already analyzing the case to prevent such issues from ever happening again then resume DOGE withdrawals. Binance reiterated that no one should be blamed for the problem (not even the DOGE developers) as there was no sign this kind of issue could crop up.

Building A New Wallet

Binance further stated that the recent DOGE upgrades were part of the issue. Hence, it had to build a new wallet and enable coin sending. But the exchange refused to accept that its engagement in some “shady” practices was the reason for this problem which was a rumor being spread around the DOGE ecosystem.

The choice of the word ‘shady’ was an apparent reference to Elon musk’s tweet when he publicly tweeted that Binance’s DOGE withdrawal issues were a result of some shady practices by the top exchange. Binance supremo, Changpeng Zhao, insisted that the new DOGE wallet was the cause of the problem. But quickly stated that Binance and DOGE developers are working together to resolve the situation.

 

Once the issue becomes the past, DOGE enthusiasts can acquire more Dogecoins and make a joyful noise. Per the announcement, testing the new wallet has already started, but no employee was fired because of the incident. DOGE’s popularity continued to soar as Musk continued to use his influence to promote the meme-themed cryptocurrency.

As of this writing, DOGE is ranked among the top cryptocurrencies globally. But CoinGecko data discloses that DOGE price has been dipping for almost two weeks and has lost over 21% within that period. Binance continues to show that it doesn’t favor one token over the other as it recently listed another meme-themed project token – The Rocky Inu (ROCKY).

Whale Moves 40m XRP To Binance

An OnTheChain data has revealed that an XRP whale sent 40m XRP to a Binance-owned crypto wallet. The data further revealed that the receiving wallet now has over 150m XRP coins left in its wallet. 

It is assumed that this receiving wallet might be an exchange’s wallet since it is always known to receive funds regularly. This coin movement has positively impacted XRP price today as it has gained 2.6% so far. The 40m XRP transaction represents about 26% of the 24-hour XRP volume trades on the Binance exchange.

As of this writing, XRP has gained 0.18% over the past 24 hours and now trades at about $0.98. However, it is yet to re-attain or surpass its record peak growth of 2.6%. XRP had earlier dipped beneath the $0.90 levels before surging to its current price of $0.97.

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