TON Network went offline for six hours, possibly due to the high trading volume of DOGS.
Pavel Durov’s release fueled Toncoin’s price, which rose 4.44% to $5.59.
Dogs (DOGS) memecoin surged 177.21% in seven days, ranking as the 7th most traded token.
The Open Network has reflected major outrages in the past few days and was reported back online after being offline for around 6 hours.
Details state that on August 27, near 11 pm UTC, TON Network ran down to heavy congestion and stopped producing blocks. However, the network was reported online after six hours at around 5:30 am UTC on August 28.
Source: TON Community Telegram
As per market experts, the outrage over the network is solely backed by the surging trading volume of recently debuted memecoin Dogs (DOGS). The memecoin built on the TON Blockchain, features a dog mascot created by Telegram’s founder.
Source: TON Community Telegram
Since its launch, the memecoin has attracted considerable attention and is now ranked as the 7th most traded token in the broader market, according to data from CoinMarketCap.
A European media outlet noted that French authorities released Telegram’s detained founder on August 28, 2024. Pavel Durov’s release reportedly boosted Toncoin’s (TON) price, which was trading at $5.56 at press time.
Dogs (DOGS) Price Overview
DOGS trading prices impressed investors, mirroring an increase of 177.21% in the past seven days. Its market capitalization rose more than 21% intraday, attaining $781.26M, making it the 75th most prominent in the market cap.
Source: CoinMarketCap
The rise in DOGS’ trading price and volume has drawn millions of new holders and traders over the past few weeks. DOGS/USDT remains the most traded pair, closely followed by DOGS/TRY, reflecting the growing interest in this memecoin.
DOGS has a total supply of 550 Billion, although most is in circulation. It registered its all-time high on August 26, 2024, attaining $0.001856. Among all available crypto memecoins, DOGS is the most traded, leading the list of the intraday trading volume.
Toncoin (TON) Price Overview
When writing TON, it was trading at $5.59, with a surge of 4.44% in the past 24 hours. In the past 52 weeks, its price has added over 270% to its trading price. 2024 has been a prosperous year for TON as it recorded its all-time high of $8.24 on June 15.
Source: CoinMarketCap
The trading volume surged 101% intraday, and the market cap added 4.41%, reaching $14,122,458,414, making 9th most prominent in terms of market. However, TON’s press time trading price was below 20, 50, 100, and 200 days EMA.
Market Price Overview
The cryptocurrency market capitalization is struggling, losing 2.23% in the past seven days and reaching $2.06 trillion. Despite adding $21 Billion as of writing, the cap is below 20, 50, 100, and 200 days EMA.
Source: TradingView
A significant bearish momentum struck the market on August 25 and continued till August 28, driving a decline of over 7% in the market cap. Until publishing, Bitcoin was trading at $59,675, with a decrease of 10.63% in the past seven days.
BTC’s current prices are below 20, 50, 100, and 200 days EMA; its trading volume has mirrored some impartial bearish moves that direct its price below the $60k mark.
