Dogecoin withdrawals get complicated during parabolic price increase

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Global cryptocurrency exchanges are increasingly having problems with Dogecoin (DOGE) withdrawals, while Redditors have pumped altcoin up to 900% in the past two days.

On January 28th, some crypto users reported on Twitter that they couldn’t withdraw their Dogecoin because the crypto exchange temporarily stopped withdrawals. The exchanges affected reportedly included some major crypto platforms such as Poloniex, as well as Bittrex and Yobit.

Some crypto users reported that they signed up on Dogecoin-backing exchanges like Poloniex to buy DOGE and only found out shortly after making the deposit that no withdrawals were possible. “We are working on reactivating the wallet as soon as possible, but we currently have no estimate on the timeline,” Poloniex subsequently announced.

$ DOGE was trending and I couldn’t get it on Kucoin. I signed up with Bittrex to get some and got this surprise!

I think it was worth less than a tenth of a penny (total) at the time, so I didn’t bother closing it down. It’s worth $ 27 now!

Whattay ROI. pic.twitter.com/6CatphcrlE

– (@zeelaaf) January 29, 2021

Binance.US, the US-based branch of the world’s largest cryptocurrency exchange, also has temporary problems with the DOGE payout. The company announced on Friday that DOGE withdrawals were on hold for maintenance while deposits were also active. Binance.US subsequently said that the withdrawals had resumed. Binance also had a bigger problem with crypto withdrawals on the global platform today.

Amid problematic withdrawals, Dogecoin has fallen off the top 10 cryptocurrency list by market cap. At the time of publication, Dogecoin is the 13th largest coin by market capitalization.

The coin also saw some brief hourly drops earlier in the day. The losses were still incomparable with Dogecoin parabolic surge of more than 260% over the past 24 hours. At the time of publication, DOGE is trading at $ 0.047, an increase of around 480% over the past seven days.

As reported by Cointelegraph, Dogecoin’s ongoing rally was likely organized by the same Reddit group that put pressure on shares in Gamestop and other firms. Robinhood stopped trading with Gamestop on January 28th.

At the time of publication, Dogecoin is trending on Twitter with nearly 800,000 mentions on the social media platform, compared to around 170,000 tweets about Bitcoin.