The TON blockchain has processed an astounding 46 million transactions in a single week, according to blockchain analytics firm IntoTheBlock. This surge in network activity can be largely attributed to the excitement surrounding the recent DOGS token airdrop.
The TON blockchain processed over 46 million transactions last week, driven by the excitement surrounding the $DOGS airdrop. pic.twitter.com/Iu0yCKMkVX
— IntoTheBlock (@intotheblock) September 2, 2024
The rising popularity of DOGS
The DOGS token has been at the center of this transaction storm. Despite the initial enthusiasm, the token has faced volatility in recent days. Currently trading at $0.001115, DOGS has experienced a 10.3% drop in value over the last 24 hours.
This recent dip is even more pronounced when compared to the token’s all-time high of $0.001644, reached just five days ago on August 28, 2024. The current price represents a 31.69% decline from that peak.
The TON blockchain itself, represented by its native Toncoin (TON), hasn’t been immune to market turbulence. TON is currently trading at $5.21, down 2.32% in the last 24 hours. While this decline is less severe than that of the dog token, it is alongside the overall crypto market dump.
With 46 million transactions in a week, TON has demonstrated its ability to handle significant loads. This is after the TON blockchain was halted twice last week due to the surge in Dog transactions.
Ton blockchain has to brace for more stress as the Hamster Kombat team gears up for its airdrop launch. This could put extra pressure on the TON network.
Also Read: As Bitcoin Holds Near $60K, Will a Wedge Pattern Signal the Next Big Move?
Source: https://www.cryptonewsz.com/dogs-airdrop-drove-ton-blockchain-46m-weekly/