Toncoin network outage caused shock: 3-hour downtime caused price to plummet, how to grasp the future trend?
On August 28, the Toncoin [TON] network experienced a major downtime event, resulting in a nearly three-hour block generation suspension. The network congestion event was mainly related to the overload of DOGS transactions, which directly affected the deposit and withdrawal services of multiple exchanges, including Binance and ByBit. This situation forced the validator to restart the network to resume normal operation.
Analysis of the downtime event and its impact
1. Background and impact of the network downtime:
Cause of downtime: According to the preliminary report of Tonscan, the downtime was due to transaction overload, especially the sharp increase in DOGS transactions. Network congestion caused block generation to be interrupted and consensus was lost among validators. Market reaction: The downtime event triggered a price plunge. The price of Toncoin fell 26% after the event and is currently $5.36. In the past 24 hours, the price has fallen by 2.98%. This incident may have a negative impact on user confidence, but TON's rapid recovery has helped to mitigate this impact.
2. Changes in trading volume:
Historical highs and current status: TON's trading volume peaked at $11.31 billion in July, but has since slowed down. Within 24 hours of the shutdown, trading volume plummeted to $163.18 million, showing the immediate impact of the incident on market activity.
3. A sharp increase in active addresses:
Address activity: In the past three months, the number of active addresses in TON has hovered between 500,000 and 1.6 million. In the past five days, the number of active addresses increased from 611,000 to 2.23 million, and the number of new addresses jumped from 187,000 to 1.1 million. This increase may be a direct factor in the transaction overload.
Pay attention to market reaction: Monitor the recovery of Toncoin prices and trading volumes, and look for potential buying opportunities. If the price stabilizes above $5.5, you can consider gradually establishing a long position. Set a stop loss: As the market may fluctuate further, it is recommended to set a stop loss to manage risks.
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