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The Telegram Open Network (TON) has experienced a significant disruption, halting block production and transaction validation due to an overwhelming surge in trading activity associated with a newly launched memecoin named DOGS. The network has not produced a new block for over three hours, with the last confirmed transaction recorded at block 45341899, according to the network tracker Tonscan.
On August 28, the {Toincoin} (TON)based community platform Tonk Inu reported the outage and attributed it to the recent spike in transactions related to DOGS. This memecoin, introduced on August 27, has quickly gained traction, resulting in a network overload. As a consequence, the network's validators are struggling to maintain consensus. To address the issue, TON Foundation member Justin stated that validators will be required to restart their systems at 4:00 UTC to restore normal operations.
In response to the network instability, the cryptocurrency exchange ByBit has suspended all deposits and withdrawals to and from TON until the situation is resolved. The DOGS memecoin, already listed on major exchanges such as Binance and OKX, saw substantial trading activity, with $1.7 billion transacted within the first ten hours of its launch. The token reached a peak market capitalization of $891 million before experiencing a decline in value.
This incident follows a rebranding initiative by the TON Society on August 26, aimed at supporting Telegram founder Pavel Durov, who was recently detained in France. The rebrand included updating Toncoin’s branding to a symbol of digital resistance, reflecting historical context related to Durov's previous encounters with censorship.
The TON network’s native token has also been impacted by recent events, with a notable decline in value observed since Durov’s arrest. The situation underscores the network's current challenges and highlights the broader implications of external events on blockchain-based platforms.
