Telegram Wallet has announced in a recent post that the TON network is now up and running after the second outage that caused TON blockchain transactions to be paused.
TON network is seemingly under stress due to the overwhelming stress from DOGS transactions. The network stopped processing transactions for almost four hours yesterday. Exchanges like Bybit even suspended deposits and withdrawals via the TON network because of this.
The TON Foundation dev tweeted that the outage was caused by network overload due to DOGS transactions. Following the first outage, the network faced a second outage a few hours ago. Telegram Wallet announced that TON blockchain transactions were paused.
TON network is now fully operational
After nearly five hours since the network outage announcement, Telegram put out another post that the TON network is now fully operational. “TON-based asset withdrawals and deposits in Wallet will be credited in due course,” the announcement reads.
Interestingly, while the overall crypto market is bleeding, Toncoin is showing positive momentum. Even though Pavel Durov’s arrest caused the price of TON to plummet, the price seems to be recovering slowly.
TON’s price dropped to the $5.15 level yesterday after the first network outage. However, TON is back above $5.60 as the network has resumed transactions after its second outage. CoinGecko data shows that TON is up by over 7% in the last 24 hours.
Toncoin recorded an all time high of $8.25 in June. The network was showing great progression, mainly due to the rising popularity of Notcoin, Hamster Kombat and now DOGS. TON foundation dev Justin tweeted that “Chain being stress tested just means there that much activity on it. Onwards and upwards.”
Different meaning of “we’re so back” 😀
Chain being stress tested just means there that much activity on it. Onwards and upwards.
Durov freed by tonight?
— Justin (@maverickqe) August 28, 2024
DOGS price pumps amidst market crash
Just like any other airdrop coin, DOGS was quick enough to plunge by over 30% from its all time high since its launch. DOGS had touched a high of $0.0018 on August 26. However, the price fell as low as $0.001219.
Interestingly, as Bitcoin plunged as low as $58,000 yesterday, DOGS reversed course and pumped by almost 30% to the $0.0016 level. This pump could have likely triggered DOGS holders to realize some profits and offload their bag, which explains the stress on the TON network.
With Hamster Kombat announcing the launch of their HMSTR token and airdrop on September 26, the TON network will be put under another level of stress, mainly due to the popularity of the tap-to-earn game.
