TLDR:
- Within a span of 36 hours, the TON blockchain encountered two significant outages due to the overwhelming interest in the DOGS memecoin.
- Following a 34% surge in its price, DOGS' market cap climbed to over $800 million.
- The introduction of the memecoin caused disruptions at major crypto exchanges and issues with Telegram Wallet functionality.
- As activity skyrocketed, the TON network processed over 20 million transactions in just two days, leading to severe strain.
- Among the top 100 cryptocurrencies, DOGS emerged as the biggest winner in a single day.
A blockchain linked to Telegram, The Open Network (TON) faced notable issues alongside its technological infrastructure. a new memecoin called DOGS gained rapid popularity.
Two significant disruptions plagued the network, both happening within a brief 36-hour window due to the frenzy around the DOGS token.
Introducing DOGS: A memecoin from the TON blockchain, themed around a dog mascot named Spotty. The brains behind this creation is Telegram’s own Pavel Durov.
The project made waves by announcing a massive airdrop and listing across several major exchanges such as Binance, OKX, and Bybit.
The sudden influx in user interactions led to technical hitches for major platforms and temporarily halted the Telegram Wallet’s exchange capabilities.
Amassing over 20 million exchanges in just a couple of days, the TON network grappled with what its foundation termed as 'validator overload due to excessive garbage collection.'
The first outage, recorded on August 27, spanned about six hours, while another on August 28 lingered for over a similar duration.
Despite facing technological setbacks and a wider market slump, DOGS saw a striking 34% price hike, lifting its market cap beyond $800 million within a day.
The DOGS airdrop outlined an allocation of 440 billion tokens from an overall supply of 550 billion, divvying up 81.5% for community use, reserving 73% for 'Telegram OGs,' 4.5% for traders and content creators, 10% for the team and future endeavors, and 8.5% catering to centralized and decentralized exchange liquidity.
DOGS' entry into the market sparked a congestion wave, churning out an impressive $1.7 billion in trading volume within the first 10 hours of its launch. on the TON blockchain The official Dogs channel on Telegram gathered a vast follower base, nearing 17 million subscribers in a matter of months post its proposal.
These unfolding events were accompanied by high-profile situations involving Telegram’s figurehead, Pavel Durov.
French officials detained Durov near Paris, citing negligence in moderating illicit activities on Telegram, followed by his subsequent court appearance.
Initially initiated by the company, the TON project saw an unexpected halt in 2020 due to compliance challenges, while community developers continued to nurture its evolution.
While Telegram Though Telegram functions independently from TON, its users have embraced the cryptocurrency, with the app incorporating select TON-driven features.
Blockonomi's Editor-in-Chief and the mind behind Kooc Media—a UK-centric online media outfit—strongly believes in the virtues of open-source code, blockchain advancement, and an unbiased internet ecosystem for everyone.
