As a seasoned researcher with years of experience navigating the volatile and unpredictable crypto market, I must admit that the sudden surge of DOGS on The Open Network (TON) has caught my attention. Having witnessed the rise and fall of countless meme coins, I’ve learned to approach them with a pinch of salt and a dash of skepticism.
It appears that the ongoing market slump may be coming to an end for a fresh meme coin on The Open Network (TON), known as DOGS. On Thursday, this meme coin, developed by Telegram founder Pavel Durov, experienced a substantial 25% surge in value. This notable rise was triggered by a large airdrop and its listing on prominent crypto exchanges like Binance, OKX, and Bybit.
Source: CoinMarketCap
DOGS Airdrop Strains TON Network Capacity
Dogs distributed an impressive 440 billion tokens from its total supply of 550 billion, which successfully caught the interest of users. Primarily focusing on “Telegram OGs”, or long-standing users of the app, this distribution led to a significant surge in activity within the TON network.
As a result of this surge in action, we encountered some difficulties. In fact, our system handled over 20 million transactions within merely two days, resulting in temporary downtime for trading platforms and the Telegram Wallet because they were overwhelmed by the sheer volume of work.
The TON Foundation acknowledged that excessive DOGS transactions resulted in problems related to data cleaning, which congested numerous network validators. This congestion caused a pause in block creation lasting seven hours, highlighting the necessity for TON to enhance its infrastructure to better manage such heavy user interaction.
As an analyst, I noted with interest that while the broader cryptocurrency market experienced a dip of over 0.71% on Tuesday, causing Bitcoin to fall below $60,000, Dogecoin (DOGS) displayed remarkable resilience and stability. In fact, similar to a sturdy lighthouse standing tall amidst a stormy sea, DOGS remained unmoved during the market’s volatility, as per the observations of Altcoin Sherpa, a renowned crypto analyst.
Following the network’s restoration, the price of DOGS soared noticeably, ranking it as the highest gainer among the top 100 cryptocurrencies in the previous 24 hours. At present, the token is being exchanged at approximately $0.00146, reflecting a 6% rise over the same period. The token’s market value reached over $754 million, momentarily placing it among the 78 largest cryptocurrencies.
Can DOGS Maintain Its Momentum?
In simple terms, the initial launch of DOGS showed that having a dedicated community and well-timed giveaways (airdrops) can significantly boost user interest. Yet, the recent surge in activity on the network has revealed that TON needs to enhance its infrastructure to manage such large volumes effectively in the long run.
Moving ahead, the project’s prosperity will significantly rely on creating a solid environment that transcends mere meme popularity. Expanding into Telegram, additional cryptocurrency exchange listings, and potential usefulness within the Telegram platform may be crucial elements in fostering sustained development for DOGS.
It’s unclear if DOGS will keep its current pace or get swayed by the instability typical in the memecoin market. However, one fact is undeniable: the project has piqued the interest of the crypto community and initiated discussions about the potential trajectory of meme coins on the TON network.
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2024-08-29 15:36