Binance notes on its website that withdrawals on the Solana (SOL) network have been suspended
Binance has temporarily suspended Solana withdrawals and the Ape lending feature, as reported by the cryptojournalist Colin Wu. Binance notes on its website that withdrawals on the Solana (SOL) network have been suspended a few times since April 25.
It cites the reason for this: “This is due to high withdrawal volume generated with blank transaction IDs. Once it is confirmed that the on-chain transactions failed, the corresponding withdrawal requests would be rejected. The entire process takes at least four hours.”
Binance says it is actively working with the project team to provide a stable, long-term solution to reduce transaction failures and improve user experience and will provide updates on the situation as needed.
The top crypto exchange also suspended the APE lending function, citing reasons of excessive demand and that the amount of APE remaining for lending was insufficient. According to Coinglass data, futures tracking ApeCoin’s APE tokens lost about $40 million in liquidations during a volatile 24 hours.
In the crypto market, liquidations occur when a trader does not have enough funds to cover a margin call, i.e. when an exchange asks for additional collateral to maintain the trading position. funded. APE prices hit a high of $27.62 on Thursday from a low of $19.11 the previous day.
However, due to profit-taking, APE token fell to as low as $20.51 on the FTX platform on Friday. Bitcoin (BTC) and Ether (ETH) both slid nearly 3% in the last 24 hours as several assets on the crypto market recorded losses.
APE’s recent rise to all-time highs has outpaced virtual land sales from the popular Bored Ape Yacht Club (BAYC) ecosystem. The developers confirmed in a tweet on Friday that the virtual land would be auctioned for a fixed price of 305 APE, which may have boosted demand for APE among traders. The land was to be sold at a Dutch auction. The price of APE has more than doubled since mid-April, when it was around $11, as increased volatility drove the token’s futures trading volume higher.
GMT and APE, as reported by U.Today, are two of the most volatile assets on the cryptocurrency market, with tokens gaining from 100% to 444% in less than a month, making them the most profitable assets among the top 100 assets by capitalization.
