“Due to a surge in demand for SOL coin withdrawals via the Solana Network, Binance has temporarily halted these transactions. This decision was made following the introduction of the TRUMP meme coin on the Solana platform, which appears to have diverted liquidity from other cryptocurrencies in the market today.
Binance Halts Solana (SOL) Withdrawals Temporarily
On the discussion forum X, Binance’s customer support team announced that they were refilling their hot wallet specifically for Solana (SOL) withdrawals using the Binance Smart Chain (BSC) network. This issue surfaced after a Binance user inquired on X about why SOL withdrawals were being restricted.
A significant increase in SOL withdrawals might indicate heightened interest in the meme coin, possibly fueled by a 11.23% spike in its token price during the last 24 hours.
The growing excitement about SOL could well be due to the recent launch of the TRUMP meme coin, now operational on Solana. This coin can be easily purchased using a debit card or any existing cryptocurrency.
Currently, Binance is encouraging its users to sign up for alerts when Solana (SOL) withdrawals become active again. At this point, they haven’t specified a timeframe, but it’s expected that SOL withdrawals will be operational soon.
The price of Solana (SOL) currently stands at $236.38, marking a significant jump of 26.90% over the past week and a rise of 12.39% in the last month. The trading volume over the past 24 hours has surged by approximately 57.02%, while the market capitalization has experienced an increase of 11.19%.
Coinbase Notifies Impact on SOL Withdrawals
Based on a recent announcement from Coinbase, some users might encounter delays when transferring Solana tokens (SOL). Fortunately, transactions involving buying, selling, or handling fiat currencies (deposits or withdrawals) are functioning normally as of now. The team at Coinbase is actively looking into the problem and will keep everyone informed about any developments in this situation.
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2025-01-18 11:21