Binance Announces Suspending Processes on These 2 Altcoins

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The world’s largest cryptocurrency exchange, Binance, suspended the processes of 2 altcoins indefinitely due to the token crisis.

Binance halts Solana (SOL) and Apecoin (APE) processes

According to Chinese crypto correspondent Wu Blockchain, the APE lending page is due to high demand for APE tokens gives a warning that the remaining amount for the loan is insufficient. Demand for APE exploded ahead of the release of Yuga Labs’ widely anticipated metaverse, Otherside. According to Wu Blockchain:

Binance has suspended the APE lending function, and the page shows that due to high demand, the remaining APE metric that can be loaned is insufficient. Coinglass data shows that APE has been the most liquid coin outside of BTC and ETH in the last 24 hours.

APE request, Yuga Labs’ highly anticipated metaverse It exploded before its launch

According to Coinglass statistics, Apecoin became the third most liquidated cryptocurrency in the last 24 hours. In the last 24 hours, approximately $5.62 million of APE has been liquidated. The reason for the demand intensity is due to the ApeCoin promotion that Binance has recently launched, as we have mentioned in the news Kriptokoin.com . According to the information, approximately $5.62 million worth of APE has been withdrawn from the market in the last 24 hours. In the middle, APE’s $7.4B 24-hour process volume has increased by over 300%. Solana (SOL) became another coin that could not be traded for an indefinite period due to a similar development.

Binance suspends Solana (SOL) withdrawal processes

According to the announcement made by Binance during the day, “Due to the high volume of withdrawals generated by empty process IDs, Solana (SOL) ) network has been suspended several times since 25/04/2022 (TCC)”. Once the on-chain processes are verified to have failed, the respective withdrawal requests will be denied. This entire process is expected to take at least four hours. The project team continues to work actively to provide a stable and long-term solution to reduce process errors and improve user experience. A new announcement will be made when there is an improvement in this bet.

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