Elon Musk Disses Binance CEO on Dogecoin Glitch

·2 min read

Elon Musk is one of the biggest supporters of Dogecoin, and he called out Binance CEO on Twitter following the DOGE glitch on the cryptocurrency exchange.

Musk Chides CZ on Dogecoin Glitch

Binance is the world’s largest cryptocurrency exchange in terms of trading volume. However, the exchange experienced a glitch a few days ago, making it impossible for Dogecoin users to withdraw their coins.

Musk has come out to talk about the Dogecoin glitch on Binance a few days ago, calling CEO Changpeng Zhao on the matter.

An upgrade on the Dogecoin network earlier this month caused an issue with network withdrawals, according to Binance. The crypto exchange said a very small number of its users were affected, adding that some previously failed Dogecoin withdrawal transactions were resent after the update.

Binance went on to request the affected users to return the assets. The crypto exchange responded to Elon Musk’s tweet by saying it is not shady, just frustrating.

Elon Musk is one of the most vocal Dogecoin supporters, with some of his comments and tweets pushing the cryptocurrency’s price higher earlier this year. Musk has attracted a lot of followers within the cryptocurrency space over the past few months, and his comments still carry weight in the sector.

Dogecoin Could Still Rally Higher in 2021

Dogecoin is one of the best-performing coins since the start of the year. Year-to-date, DOGE’s price has increased by more than 4,600%. However, the cryptocurrency has underperformed in recent months.

DOGE/USD chart. Source: FXEMPIRE
DOGE/USD chart. Source: FXEMPIRE

At press time, DOGE is trading at $0.21, down by 1.4% over the past 24 hours. The coin has lost more than 24% of its value over the past three months. Despite its recent performance, Dogecoin remains one of the top ten cryptocurrencies by market cap and the leading meme coin, ahead of Shiba Inu.

Dogecoin could rally higher over the coming weeks and months if the broader cryptocurrency market recovers from the current bearish trend.

This article was originally posted on FX Empire


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