DOG Token Becomes The Largest Gainer In 24 Hours Amid Market Retrace

Despite adverse market conditions, dogs (DOGS) saw a significant price jump in the last 24 hours. The token, launched on The Open Network (TON), saw a 34% surge amid the market volatility and the blockchain's recent outage.

Despite the adverse market conditions, memecoin standout dogs (DOGS) managed to secure a remarkable price surge of 34% within the last 24 hours. The token, centered around a dog mascot named "Spotty" and launched on The Open Network (TON), has been at the heart of market chatter with its recent airdrop and listing on major crypto exchanges.

According to CoinGecko, DOGS' performance propelled the token's price to a market capitalization of over $800 million, creating a bullish sentiment among investors amidst the market volatility and TON's recent outage. The launch also reportedly led to technical problems on several crypto exchanges due to an "unprecedented surge in user activity."

The TON Foundation attributed the network overload to DOG's massive number of transactions, which exceeded 20 million over the previous two days. This reportedly caused "garbage collection to overload many of the validators for enough time for them to lose consensus."

The TON-based memecoin, known as dogs (DOGS), has been making waves in the crypto market with its recent airdrop and listing on major exchanges. The project, which features a dog mascot named "Spotty" and is built on Telegram's blockchain, has garnered significant attention among investors.

After its grand debut on August 26, several crypto exchanges encountered technical difficulties due to an "unprecedented surge in user activity," as announced by the TON Foundation. This high on-chain activity also affected the Telegram Wallet, rendering its exchange feature temporarily unavailable, as stated in an announcement on the Wallet's Telegram channel.

The launch also had an impact on TON's performance, with the community reporting an overload on August 27. This reportedly halted block production on the blockchain for about seven hours.

The TON Foundation attributed this network overload to DOG's massive number of transactions, which exceeded 20 million over the previous two days. This reportedly led to "garbage collection to overload many of the validators for enough time for them to lose consensus."

The cryptocurrency, known for its dog mascot "Spotty," had a relatively stable performance during the market retrace on Tuesday, which saw the industry dip by over 7%. While most cryptocurrencies followed the drop, DOGS remained unfazed by the adverse market conditions, as highlighted by Altcoin Sherpa, who noted that the token "didn't move amidst all the volatility."

The new memecoin sensation hovered between the $0.00115-$0.001125 price range during the market turmoil, showing resilience despite the broader market downturn. The token's price later showed a positive response to the network's restoration.

DOGS price saw a remarkable 33.6% surge in the early hours of Wednesday, rallying from the $0.00125 mark to the $0.00167 price range. After this performance, the memecoin became the largest gainer among the top 100 cryptocurrencies in the last 24 hours.

The memecoin soared to a market capitalization of over $843 million, making it the 92nd largest token by this metric. Since then, the cryptocurrency has retraced to a market cap of $800 million and a trading price of $0.00159.

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