- TON blockchain experienced a halt in transactions due to the DOGS meme coin airdrop.
- Token TON surged over 4% to $5.54 over the past 24 hours.
Layer-1 blockchain The Open Network (TON) has been in the limelight for the past few days ever since the arrest of Telegram CEO Pavel Durov. The TON blockchain has resumed operations following a significant six-hour outage caused by a surge in network traffic.
Reportedly, the network stayed inactive on Wednesday for nearly 3 hours, from 19:19 UTC, unable to issue blocks that led to the halt of new transactions. The blockchain experienced an overload of transaction activities following this unusual occurrence. Reportedly, the last blocks were recorded on the chain on August 28, 16:23 UTC. The network initiates validators to restart at 04:00 UTC, yesterday to restore operations.
Moreover, the TON Network reported that due to the spike in activity, old transactions remained uncleaned, which has led to the loss of consensus. During the outage, prominent cryptocurrency exchanges such as Binance and Bybit temporarily suspended the deposits and withdrawals of TON-related transactions.
As TON is concerned, a recent airdrop of the DOGS meme coin might be the offender, as the popularity of the token caused a surge in transactions and further pointed out that the network struggled to meet the demand with its transactions per second (TPS).
Another speculation hovering around the outage might be linked to Telegram CEO Pavel Durov‘s recent arrest in France. He was charged with facilitating illegal transactions, refusing to cooperate with law enforcement, and allowing unlawful activities on the social messaging application.
Amid this, the native token, Toncoin (TON), maintained a stable trading price in the $5.30 range during the outage. The token has dropped over 18% following the arrest of Durov.
Can TON Sustain the Upside Rally?
The Toncoin (TON) has attained attention since the week’s beginning. Over the last seven days, TON showed a steady drop of 15.33%, from $6.84 to $5.10. At press time, the asset trades at $5.54, with a spike of over 4%. Meanwhile, the daily trading volume has increased by 98.17%, to $1.39 billion, as per CMC data.
If TON sustains the bullish momentum, the asset can likely test its key resistance at $5.71. However, if the bears overthrow the bullish momentum, it will find nearby support at $5.31.
Looking ahead, Toncoin is currently supported by the 9-day and 21-day moving averages above the current price momentum. Besides, the daily RSI is at 39.52, which indicates the oversold position in the market.
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