- DOGS token causes disruptions on the TON blockchain, leading to transaction outages.
- DOGS transactions spiked, making up 35% of all TON transactions during peak network activity.
- DOGS token price dropped 14.83%, reflecting bearish market trends amid network disruptions.
The DOGS token, a new memecoin inspired by Telegram founder Pavel Durov’s pet dog, Spotty, has experienced volatility due to recent network disruptions on the TON blockchain. These disruptions, triggered by the DOGS airdrop, caused a block production outage, impacting transaction processing on the network.
Data from CryptoQuant reveals that DOGS transactions made up a significant portion of all transactions in some blocks, with an average of 100 transactions processed per block within seconds from August 28 to August 31.
However, the network struggled to keep up, with TON reporting that several validators couldn’t clear the database of old transactions, leading to a loss of consensus. This resulted in a six-hour outage on August 28 and a subsequent one-hour outage on August 30. A spike in network activity on August 29 further strained the blockchain’s operations.
The disruptions on the TON blockchain clearly impacted DOGS transactions. A graph illustrates the percentage of DOGS transactions compared to all transactions on the blockchain from August 29 to August 31.
Sharp spikes and fluctuations in the percentage of DOGS transactions were noted, particularly after the TON blockchain resumed operations. These peaks indicate a surge in DOGS transactions, likely due to delayed processing or increased demand during the halts in network activity.
As the blockchain stabilized, the percentage of DOGS transactions gradually declined, suggesting a return to more normal transaction patterns.
Amid these network issues, the DOGS token has experienced a sharp decline in value. As of the time of writing, DOGS was trading at $0.001079, with a trading volume of $471,930,168 over the last day.
The token has recorded a decline of 14.83% over the previous day, placing it at #93 on CoinMarketCap, with a live market cap of $557.7M. The 24-hour price chart shows a clear movement trend, dropping from $0.001262 to approximately $0.00107, reflecting a solid bearish trend and a lack of recovery.
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