The Binance platform has suspended SOL withdrawals. Withdrawal networks for SOL on the Solana network and the BNB Chain have been temporarily disabled.
Binance has temporarily suspended the withdrawal of SOL coins via the Solana Network following the observation of a significant increase in withdrawal volume. This action aligns with Donald Trump‘s introduction of the TRUMP meme coin on the Solana blockchain, which has shifted liquidity from other tokens in today’s cryptocurrency market.
Binance Temporarily Suspends Withdrawals for Solana (SOL)
Binance‘s customer support on X indicated that the platform was refilling the hot wallet to facilitate SOL withdrawals via the BSC Network. The incident was brought to public attention when a Binance user inquired on X regarding the platform’s refusal to permit withdrawals of SOL.
The substantial volume of SOL withdrawals may be attributed to heightened enthusiasm surrounding the meme coin, coupled with a notable increase of 11.23% in its token value over the preceding 24 hours.
The heightened enthusiasm surrounding SOL is likely attributable to the recent introduction of the TRUMP meme coin, which is now operational on the Solana platform. It may be purchased utilizing either a debit card or a cryptocurrency.
In the meantime, Binance has requested that users register to receive notifications regarding the resumption of SOL withdrawals. The platform has not provided a specific timeline; however, the withdrawal function is anticipated to be reinstated shortly.
The current price of SOL stands at $236.38, indicating a notable increase of 26.90% over the past week and a rise of 12.39% over the last month. The 24-hour trading volume has experienced a significant increase of 57.02%, with a rise of 11.19% in the market capitalization.
