Connect with us

Hi, what are you looking for?

TON back online after second DOGS-related outage in 36 hours
TON back online after second DOGS-related outage in 36 hours

Cryptocurrency

The TON network is back up and running after being interrupted several times by the DOGS Memecoin Frenzy

After two failures in 36 hours, both caused by the start of the DOGS memecoin, the Open Network (TON) is back up and running fully. The problems happened because of a lot of action on the network, which shut it down for more than 12 hours. Even though the network is back up and running, Toncoin’s price has changed a lot because of how the market is reacting to recent events, like the arrest of Telegram CEO Pavel Durov.

Following two major failures in 36 hours, the Open Network (TON) is back up and running fully. Both of these were caused by the high demand for DOGS, a new cryptocurrencies. The network went down for the first time on August 27 at about 11 p.m. UTC. Block creation stopped for six hours, and it started up again around 5:30 a.m. UTC the next day. However, the network had another problem that night at 7:17 PM UTC that lasted for just over six hours. The TON Community said that the network was back to normal around 1:00 AM UTC on August 29. They also promised users that transfers and donations would be processed in the next few days.

The problems were blamed on a lot of people using the network at once after DOGS was released. DOGS is a memecoin that was made to look like Pavel Durov’s dog Spotty, who was recently arrested in France. It was promoted as the “most Telegram native” memecoin. DOGS made a big splash soon after it launched on August 27. In its first 10 hours, it generated over $1.7 billion in trades. In less than two months, the official DOGS Telegram group has gained almost 17 million followers, which is a lot of people.

Even though the network is back up and running, Toncoin, the original cryptocurrency of the TON blockchain, has been very unstable. The value of the coin went up by 8% after the network was restored, but it has dropped by 17% in the last week, mostly because of Durov’s arrest and how it affected the market.

Advertisement

You May Also Like

Cryptocurrency

President-elect Donald Trump will meet with Brian Armstrong, CEO of Coinbase, to discuss personnel selections, including key positions that could influence bitcoin legislation. The...

Finance

Goldman Sachs is separating its blockchain platform to create an industry-owned solution. The program intends to increase blockchain usage in capital markets, provide innovative...

Cryptocurrency

Options trading for a spot. Industry analysts predict a significant shift in bitcoin investment techniques with the upcoming launch of Bitcoin ETFs. BlackRock's iShares...

Cryptocurrency

Rapper turned Bitcoin launderer Heather "Razzlekhan" Morgan received an 18-month prison sentence for her role in laundering bitcoins taken during the 2016 Bitfinex breach....

polkadot
Polkadot (DOT) $ 8.71 3.43%
bitcoin
Bitcoin (BTC) $ 96,818.94 0.88%
ethereum
Ethereum (ETH) $ 3,341.78 1.83%
cardano
Cardano (ADA) $ 1.00 3.93%
xrp
XRP (XRP) $ 1.41 2.36%
stellar
Stellar (XLM) $ 0.570645 19.14%
litecoin
Litecoin (LTC) $ 96.63 0.97%