Social media and messaging application Telegram announced that its wallet feature is currently experiencing operational issues, and the exchange functionality is temporarily unavailable. The Telegram team is actively addressing the problem and will provide an update once the swapping and peer-to-peer (P2P) trading features are restored.
The disruptions are connected to the recent release of the DOGS token, which garnered notable attention and led to operational halts for the wallet and several cryptocurrency exchanges. Alongside Telegram, Binance also faced website access issues due to heightened traffic, but the exchange has reported that it has resolved most of these problems. Additionally, Bybit and OKX also reported experiencing interruptions.
DOGS represents a meme cryptocurrency project native to Telegram, created to engage the Telegram community by rewarding users in accordance with their account activity and age. The project aims to introduce blockchain technology to a wider user base via the interactive and entertaining features, such as tokenized stickers.
DOGS Token Generation Event Distributes Over 500B Tokens, Community Airdrop Takes Majority Share
Today, the DOGS Token Generation Event (TGE) occurred, over the course of which 502.48 billion DOGS tokens—representing 91.4% of the total supply—were distributed, which garnered community attention.
The majority of the DOGS tokens released, totaling 400.02 billion or 72.7% of the supply, were distributed to the community airdrop. This focus on community distribution is intended to boost user involvement and enhance token circulation inside of the ecosystem. According to the DOGS tokenomics, the remaining 9.18% of tokens are set to be distributed for marketing, 5.45% for liquidity, 5.36% for the team, 4% for Binance Launchpool, as well as 3.27% for advisory services.
As of the writing time, DOGS is trading at $0.0011, reflecting a decline of 24.98% over the past 24 hours, following a recent peak of $0.0017, according to CoinMarketCap data.
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