Telegram’s TON network has stopped processing transactions as memecoin $DOGS causes transactions overload.
The crypto exchange, Bybit announced that due to network instability, Bybit has suspended all deposits and withdrawals through the Toncoin (TON) network. As per Tonscan, TON has failed to generate any blocks for nearly 3 hours, and the latest block was generated at 06:11:46 UTC+8.
Justin, a member of the TON Foundation, has said that network overload is due to surge in memecoin, DOGS transactions and Garbage collection overloaded many of validators for enough time for them to lose consensus.
He further, clarified that to restore consensus, validators will be called upon to restart at 4:00 UTC on/around same time with specific flags.
He recently posted, “ Who let the $DOGS out? As a @ton_society strategic advisor here’s my take:
– TON community is mobilized to expedite the resolution and ensure that the blockchain returns to normality.
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– Regular updates will be provided to keep our community and partners informed of the progress.”
The network hit was increasingly been associated with Telegram’s CEO, Pavel Durov’s arrest in France. However, ex- TON foundation member, Ian Wittkopp , who currently leads TON Ventures, was quick to put to rest these rumors.
Some people saying this is related to Pavel – it is not.
Growing pains of becoming a lindy chain, processing high loads from airdropping $550M+ in value to the community through the @realDogsHouse token issuance.
Likely past 24 hours has seen largest DAUs in TON history. https://t.co/zW4iwpatmz
— iWitty (@ianw888) August 28, 2024
As for $DOGS performance, the token has achieved a whopping volume of $1.7 billion in just 10 hours of trading, and ranks 8th in 24 hour volume. With a current market cap of $636 Million, it is currently trading at $0.001232.
Also Read: DOGS Down Over 30% Since Listing, 2024 Price Speculation
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