Binance, the world’s largest cryptocurrency exchange, has temporarily suspended withdrawals of Solana (SOL) due to a massive rise in the transaction volume.
Binance Customer Support announced on X (formerly known as Twitter) that the platform is in the process of refilling the hot wallet for SOL withdrawals through the BSC Network.
This issue came to light when a Binance user inquired on X about the inability to withdraw of SOL tokens.
The period corresponds with the launch of the Trump meme coin on Solana by US elect- President Donald Trump, which has attracted liquidity away from other tokens in the crypto market.
The meme coin can be purchased using either a debit card or another cryptocurrency.
As per the reports by Coin Market Cap, the price of Solana stands at $239.22, having increased by 11.42% in the past 24 hours and pumped by 29.15% over the last week.
In the meantime, Binance has asked users to set reminders to receive notifications regarding the resumption of SOL withdrawals.
However, the platform has not provided a timeline for when this feature will be restored, though it is expected to resume soon.
Also Read: $TRUMP Memecoin Becomes Internet Top Trendsetter Within Hours
