- TON blockchain processed 46 million transactions in a week amid DOGS airdrop.
- DOGS token faces volatility; TON down 2.32% amid market pressures.
The TON blockchain processed an unprecedented 46 million transactions in a single week, according to blockchain analytics firm IntoTheBlock. This surge in activity has been largely attributed to the recent excitement surrounding the DOGS token airdrop.
The TON blockchain processed over 46 million transactions last week, driven by the excitement surrounding the $DOGS airdrop. pic.twitter.com/Iu0yCKMkVX
— IntoTheBlock (@intotheblock) September 2, 2024
DOGS, a memecoin linked to the Telegram community, has been at the center of this activity. Despite initial enthusiasm, DOGS has faced significant volatility. The token is currently trading at $0.001117, reflecting a 9.72% drop in the last 24 hours, with trading volume up 32% over the same period. The current price represents a 31.69% decline from its all-time high of $0.001644, reached on August 28, 2024.
Meanwhile, the TON blockchain itself has not been immune to market pressures. Toncoin (TON), the native token of the network, is trading at $5.21, down 2.32% in the last 24 hours. The decline follows the overall crypto market downturn and coincides with disruptions on the TON network, which experienced two halts last week due to the overwhelming transaction load from the DOGS airdrop.
Challenges Faced by “T” Family
Adding to the challenges, Telegram, the encrypted messaging app associated with TON, is under investigation in South Korea. Authorities are probing potential online sex crimes on the platform following the arrest of Telegram CEO Pavel Durov last month. The South Korean Cyber Investigation Bureau has launched the probe, though they have declined to comment publicly.
Despite the turbulence, the TON blockchain has resumed normal operations. The TON Foundation confirmed on August 28 that the network is back online after a disruption caused by abnormal congestion linked to the DOGS airdrop. As the Hamster Kombat team prepares for another airdrop, TON is bracing for further network stress.
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