TON (The Open Network) Suffers Outage Amidst DOGS Memecoin Hype
- WBOYOriginal
- 2024-08-28 15:36:26712browse
The Telegram Open Network (TON) has been down for more than three hours, with no new transactions validated or blocks produced during this period.
The Telegram Open Network (TON) has experienced an outage lasting over three hours, with no transactions being validated or blocks being produced during this period.
The outage, which began on August 28, has been linked to a surge in activity caused by the launch of a new memecoin called DOGS.
Tonk Inu, a community platform based on TON, reported the issue on X (formerly Twitter), attributing the network’s problems to the massive hype surrounding DOGS.
This memecoin, launched on August 27, quickly gained traction, being listed on major exchanges like Binance and OKX.
Within the first ten hours, DOGS saw a trading volume of $1.7 billion and reached a peak market cap of $891 million. However, its price has since dropped from a high of $0.0018 to around $0.0012, according to CoinMarketCap.
The TON network’s outage has raised concerns within the community, as the last confirmed transaction occurred in block 45341899, with no new blocks being generated since.
This disruption comes right after the TON Society rebranded on August 26, aligning with Telegram creator Pavel Durov, who was recently arrested in France. The rebrand introduced the “Resistance Dog” as the new symbol for the network, a nod to Durov’s stand for free speech in 2011.
The TON Society has launched an “Open Letter Mini App” on Telegram, gathering over 1.48 million signatures for Durov’s release. Since his arrest, TON’s native token has dropped by 24% and is now trading at $5.22, down 1.7% for the day.
The TON network’s instability highlights the risks of rapid memecoin hype overwhelming blockchain infrastructure. This outage underscores the need for stronger scalability measures to handle sudden spikes in activity.
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