DOGS, New Meme Coin Soars 25% Amid Blockchain TON Interim Disruption

DOGS, the new meme coin jumped 25% amid temporary blockchain TON (Photo; Doc. Coinpedia)

JAKARTA - DOGS, a new meme coin launched on The Open Network (TON) network, recorded a 25% price spike last Thursday. The increase comes amid temporary disruptions that hit the TON blockchain network, following a massive DOGS airdrop that caught wide attention.

Reporting from Coinspeaker, the DOGS coin, developed by Telegram founder Pavel Durov, has attracted users with an airdrop of 440 billion tokens out of a total supply of 550 billion. This airdrop mainly targets OGs Telegrams, or old users of the app, which causes a spike in activity on the TON network.

The surge in activity due to the DOGS airdrop has had a significant impact on the TON network. In two days, the network recorded more than 20 million transactions, which eventually caused temporary disruption to several crypto exchanges and Telegram wallets due to overload.

The TON foundations admit that the high volume of DOGS transactions causes problems in garbage collection' on the network, which burdens many validators. As a result, block production was halted for seven hours, highlighting the need for TON infrastructure updates to be able to handle high user activity in the future.

Although the crypto market generally experienced a decline of more than 0.71% on Tuesday, driving the price of Bitcoin below 60,000 US Dollars (approximately Rp928 million), DOGS showed striking stability. A well-known crypto analyst, Altcoin Sherpa, observed that this token is not moving in the midst of all volatility''.

Setelah jaringan kembali normal, DOGS mengalami kenaikan harga yang signifikan, menjadikannya salah satu coin dengan kenaikan tertinggi di antara 100 kripto terbesar dalam 24 jam terakhir. Saat artikel ini ditulis, token DOGS ditradur pada harga 0,00146 Dolar AS (sekitar Rp22,59), menandai kenaikan sebesar 6% dalam 24 jam terakhir. Kapitalisasi pasar token ini mencapai lebih dari 754 juta Dollar AS (sekitar Rp11,6 triliun), menjadikan kripto terbesar ke-78 untuk sementara waktu.