- DOGS memecoin surged 23% despite network chaos and trading volume spike.
- TON blockchain faced a six-hour outage due to network traffic surge.
The TON blockchain experienced a significant disruption yesterday as it faced a six-hour power outage due to a surge in network traffic. The native token of the TON blockchain resumed block production after the outage, which raised concerns about network stability and potential security risks. Such prolonged disruptions are rare but can occur during periods of high network activity.
Adding to the turmoil, Pavel Durov, the Russian-born CEO of Telegram, has been placed under formal investigation following his arrest in connection with an organised crime probe involving the social media and messaging app.
Amid the chaos, DOGS, a highly anticipated memecoin on the TON blockchain, saw a remarkable 23% surge in the past 24 hours, with its trading volume skyrocketing by 93% to $2 billion. DOGS is currently trading at $0.00152 and has risen to the top 80 cryptocurrencies by market cap, according to CoinMarketCap. The surge is linked to the token’s recent airdrop, which opened claims to 10 million users of a Telegram-based mini app.
Moreover, on its debut day on centralized exchanges (CEXs), DOGS quickly became the seventh most traded cryptocurrency, with nearly $2.5 billion in trading volume. It is now the second-largest memecoin on the TON blockchain by market cap, following Notcoin (NOT). It is the token from the popular Telegram tap-to-earn game.
What Is The DOGS’ Next Stop?
DOGS was listed on several major CEXs, including Binance, OKX, Gate.io, Bitget, and Bybit. However, shortly after its listing, the price fell by 25% before stabilizing around $0.0012.
In contrast, the TON native token also experienced a 4% increase in the past 24 hours. It is trading at $5.54 with a trading volume surge of 97%.
Analysts suggest that following the initial breakout, DOGS is seeing strong buying pressure without a retest. A short-term consolidation could attract buyers for the next bullish move. If a breakout occurs post-consolidation, the price may rise by around 50%. Conversely, any bearish candlestick formations could lead to profit booking, potentially causing a sharp decline and a return to the consolidation phase.
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Source: https://thenewscrypto.com/dogs-memecoin-surges-23-in-a-day-despite-network-chaos/