Dogecoin Dips as Binance Asks Users to Return Wrongfully Credited DOGE tokens Following Network Update

Updated:

Following the most recent update on the Dogecoin (DOGE) network, Binance has reported some issues linked with the meme coin. According to recent reports, the behemoth crypto exchange has asked some customers to return DOGE tokens that resurfaced after years of being stuck.

Dogecoin saw its version 1.14.5 update earlier this week, aimed at solving some pressing security issues, cutting down transaction costs, and improving the general user experience on the network. Not surprisingly, the update received immense support from prominent DOGE supporter- Elon Musk.

However, the update—believed to be successful—has caused some problems for Binance as the company announced that it discovered “a minor issue with DOGE network withdrawals.” Due to this problem, the crypto exchange temporarily suspended DOGE withdrawals on its platform and reached out to DOGE developers to help resolve the issue.

Many Binance users flooded social media, especially Twitter, today to complain about a memo they received from the exchange. The behemoth exchange asked users who received previously-lost DOGE tokens to return them.

Commenting on the issue, prominent Chinese crypto analyst Colin ‘Blockchain’ Wu reported that many failed transactions from years ago have gone through, meaning that some users have received unsolicited tokens.

Key Dogecoin Levels to Watch —November 12

DOGE has fallen into a bearish momentum towards the $0.2400 mark, as the broader market suffered a significant correction this morning. The tenth-largest cryptocurrency broke below the $0.2600 support recently, following a minor consolidation above that level.

DOGEUSD- 4-Hour Chart

That said, this previously-unlikely bearish move could persist as we enter the weekend, with bears waiting for the $0.2400 low. For bulls to forestall a dip to the earlier mentioned low, they need to pull the impossible and push the price into the critical $0.2700 – $0.2750 pivot zone.

Meanwhile, my resistance levels are $0.2600, $0.2700, and $0.2750, and my support levels are $02500, $0.2400, and $0.2300.

Total Market Capitalization: $2.80 trillion

Dogecoin Market Capitalization: $33.8 billion

Dogecoin Dominance: 1.21%

Market Rank: #10

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.