Binance has temporarily suspended Solana (SOL) withdrawals due to unprecedented demand following the launch of the TRUMP meme coin on the Solana network. Solana’s price has surged significantly, reaching $236.38 with a 26.90% weekly increase.
Binance Suspends SOL Withdrawals
The decision to pause Solana withdrawals comes after a sharp increase in withdrawal requests, reportedly linked to the release of the TRUMP meme coin. The coin’s launch on the Solana blockchain has generated widespread excitement, driving investors to the network. Binance customer support clarified that the hot wallet supporting BSC-based SOL withdrawals is undergoing an update. Users have been advised to register for notifications about the resumption of withdrawals, though no exact timeline has been provided.
Solana’s Price Surges
Solana (SOL) has experienced remarkable growth, trading at $236.38 with a 26.90% increase over the past week and a 12.39% rise in the last month. Over the past 24 hours, its trading volume jumped by 57.02%, while its market cap grew by 11.19%. This upward trajectory is attributed to heightened interest in the TRUMP meme coin, which has brought significant attention to the Solana network.
Impact on Other Platforms
Coinbase has also reported delays in processing Solana transactions due to the increased demand. While some users faced issues sending and receiving SOL tokens, buying, selling, and fiat-related operations remain unaffected. Coinbase has assured users that efforts are underway to resolve the delays, with updates to follow soon.
Growing Demand for Solana
The TRUMP meme coin’s launch has underscored Solana’s position as a thriving blockchain ecosystem, attracting both retail and institutional interest. Turkish NY Radio will continue to monitor these developments as the Solana network navigates this surge in activity.
