JAKARTA - DOGS, a New Meme Coin Launched on The Open Network (TON) Network, Recorded a 25% Price Spike Last Thursday

Reporting from Coinspeaker, the DOGS coin, developed by Telegram founder Pavel Durov, has attracted users with an airdrop of 440 billion tokens

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

According to Coinspeaker, the DOGS coin, which was created by Telegram founder Pavel Durov, attracted users with an airdrop of 440 billion tokens out of a total supply of 550 billion. This airdrop was mainly targeted at OGs Telegrams, or old users of the app, which caused a spike in activity on the TON network.

The surge in activity, which was caused by the DOGS airdrop, 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 admitted that the high volume of DOGS transactions caused problems in “garbage collection” on the network, which burdened 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.

Despite the crypto market, which 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 amidst all this volatility.”

After the network returned to normal, DOGS experienced a significant price increase, making it one of the tokens with the highest涨幅 among the top 100 cryptocurrencies in the past 24 hours. At the time of writing, the DOGS token was trading at 0.00146 US Dollars (approximately Rp22.59), showing an increase of 6% in the past 24 hours. The token's market capitalization amounted to more than 754 million US Dollars (approximately Rp11.6 trillion), temporarily making it the 78th-largest cryptocurrency.

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