The Open Network (TON) went offline for over 3 hours after the memecoin DOGS (DOGS) launched, creating a trading frenzy with a volume of up to $1.7 billion.

The Open Network (TON) unexpectedly stopped processing new transactions and did not produce any new blocks for more than three hours on August 28. The incident was attributed to an overwhelming number of transactions involving the newly launched memecoin DOGS (DOGS), which overloaded the network.

According to data from Tonscan, the last transaction on TON was approved at around 2:18 AM UTC on August 28, at block 45341899. Since then, the network has not generated any new blocks. The issue was first reported by Tonk Inu, a community platform based on TON, which suggested that the excessive transactions related to DOGS were the cause. The Bybit exchange temporarily suspended all deposits and withdrawals of TON. $TON