Binance has temporarily halted Solana withdrawals. Withdrawals on the Solana (SOL) network have been suspended a few times since April 25
Binance Halts Transactions on Solana (SOL)
According to crypto-journalist Colin Wu, Binance has temporarily halted Solana withdrawals and the Ape lending function. Withdrawals on the Solana (SOL) network have been suspended a few times since April 25, according to Binance’s website.
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 develop a stable, long-term solution to reduce transaction failures and improve the user experience, and that it will provide updates as needed.
APE Lending Function Also Suspended
The APE lending function was also suspended by the top crypto exchange, citing high demand and an insufficient amount of APE available for lending. During a volatile 24 hours, futures tracking ApeCoin’s APE tokens lost about $40 million in liquidations, according to Coinglass data.
Liquidations happen in the crypto market when a trader does not have enough funds to cover a margin call, which is when an exchange asks for more collateral to keep the trading position financed. On Thursday, APE prices climbed to a high of $27.62, up from a low of $19.11 the day before.
However, profit-taking caused the APE token to drop to $20.51 on the FTX platform on Friday. As several crypto assets have lost value, Bitcoin (BTC) and Ether (ETH) have both dropped nearly 3% in the last 24 hours.
The popular Bored Ape Yacht Club (BAYC) ecosystem’s virtual land sales came before APE’s recent ascent to all-time highs. According to developers, the virtual land will be auctioned for a flat price of 305 APE, which may have boosted APE demand among traders.
The land was supposed to be auctioned off in the Netherlands. Since mid-April, when it was around $11, the price of APE has more than doubled, with increased volatility driving up the trading volume on the token’s futures.
GMT, APE are the most volatile assets on the crypto market
STEPN and ApeCoin tokens are two of the most volatile assets in the cryptocurrency market, with tokens rising from 100 percent to 444 percent in less than a month, making them the most profitable assets out of the top 100 by capitalization.
STEPN was one of the most unexpected and surprising assets on the market, bringing early investors over 400% profit and making it the most profitable cryptocurrency asset in April.
Despite the most recent 18 percent reversal, which some traders and industry experts regard as the top, ApeCoin is moving in a sharp uptrend and showing no signs of weakness on its daily chart.
