Binance, Coinbase Faced Solana Withdrawals Issue Amid TRUMP Token Launch
Highlights
- Binance has temporarily paused withdrawal of SOL due to high withdrawal volumes.
- Coinbase probes into the delays in sending and receiving SOL tokens on the Solana network
- The SOL withdrawal issue arose from the frenzy surrounding the TRUMP memecoin launch.
Crypto exchanges Binance and Coinbase face issues with Solana withdrawals amidst the TRUMP memecoin frenzy. Following Donald Trump’s token launch on Solana, these exchanges are experiencing delays in processing Solana withdrawals due to high transaction volumes.
While Binance temporarily suspended Solana (SOL) withdrawals, Coinbase is investigating the “delayed sends and receives on the Solana network.” The Solana withdrawals issue on both crypto platforms highlights the massive rise in transaction volume triggered by the TRUMP memecoin launch.
Coinbase Probes into the Solana Withdrawals Issue
Coinbase has announced that its customers are experiencing delays in sending and receiving SOL tokens on the Solana network. In an official update, the Coinbase team revealed that the Buys, Sells, and Fiat withdrawals or deposits were not affected by the ongoing issue.
Further, Brian Armstrong, the Coinbase CEO, assured the community about the team’s commitment to resolving the matter. He wrote on X,
Team is working hard on scaling our Solana infra now – lots of Solana activity last few days, we were not anticipating this level of surge.
Binance Halts Solana (SOL) Withdrawals Temporarily
Meanwhile, Binance said on X that the platform was replenishing the hot wallet for SOL withdrawal through the BSC Network. The incident surfaced after a Binance user enquired about the platform’s restriction on SOL withdrawals. The development also follows Binance’s support for the Solv Protocol (SOLV), which triggered a price drop of 35% price.
An increased enthusiasm around SOL is likely the result of the launch of TRUMP meme coin which is now live on Solana. It can be bought using a debit card or a cryptocurrency.
Notably, the high volume of SOL withdrawals resulted from the growing excitement surrounding the TRUMP memecoin. Though the initial enthusiasm led to more than 10% surge in SOL, the token is currently trading in red, with a 5% loss over the last 24 hours.
SOL price is now at $261.35, which also reflects an uptick of 43% in the last 7 days and an increase of 30% in the last 1 month. The 24-hour trading volume has jumped by47.16%, with an decrease of 3.85% in the market cap.
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