The DOGS token experienced a dramatic surge of over 120% on Binance following its listing, driven by heightened on-chain activity linked to a significant token unlock on the Telegram Open Network (TON).
DOGS Token Major 120% Surge
Within hours of its listing on Binance, the DOGS token saw a price increase of over 120%, as investors quickly bought into the new offering. The strong market interest came even as the TON network, which supports DOGS, faced challenges following the arrest of Telegram CEO Pavel Durov.
Alongside this price surge, the TON network reported a massive increase in on-chain activity. The DOGS community initiated an on-chain claiming process that saw an extraordinary rate of 150,000 transactions per minute. This surge in activity has led to the TON network undergoing stress testing to accommodate up to 10 million simultaneous users.
TON Network Strain
The increased transaction volume due to DOGS' popularity has put a strain on the TON network, causing slight delays in processing times. The surge also impacted other cryptocurrency platforms, including Telegram Wallet, which experienced disruptions in its services. The wallet's exchange function was temporarily disabled, but the team is actively working to restore normal operations.
Bybit, another major crypto exchange, also faced temporary issues due to the sudden increase in user activity but has since resumed normal operations.
DOGS Technical Challenges
Despite the initial success, DOGS token faced a sharp correction on other platforms, with its price dropping by 29.11% to $0.001202 on CoinMarketCap. This correction was anticipated due to the large-scale token unlock. Meanwhile, Binance encountered delays in the TON network upgrade, leading to the temporary suspension of TON token deposits and withdrawals.