Date: Wed, August 28, 2024, 02:56 AM GMT
Today, the Telegram Open Network (TON) experienced a significant disruption, halting the validation of new transactions and leaving the network unable to produce a new block for over four hours. The incident, which started earlier today, has caused a stir among users and investors.
As of the last update, the most recent transactions on the TON network were recorded in block 45341899, with no further blocks being produced since then. This information comes from the TON network tracker, Tonscan.
According to reports from Cointelegraph, the TON-based community platform Tonk Inu pointed to heightened market activity surrounding the newly launched memecoin, DOGS, as the likely cause behind the outage. This unexpected surge in activity seems to have overwhelmed the network, leading to the extended downtime.
Tonk Inu suggested that the unprecedented traffic was due to the excitement surrounding DOGS, which launched on August 27. Within its first 24 hours, DOGS generated over $1.7 billion in trading volume and reached a peak market capitalization of $891 million. The memecoin’s price surged to $0.0014 just four hours after its launch before experiencing a slight dip to $0.0012, according to CoinMarketCap.
Adding to the network’s troubles, Telegram founder Pavel Durov was detained by French authorities on August 24 under a search warrant related to alleged violations involving the encrypted messaging platform. Since Durov’s arrest, TON’s native token has seen a 24% drop in value, although it has shown a slight recovery, trading at $5.28, up 0.77% on the day.
Despite the ongoing issues, there has been no official announcement from the TON team regarding the cause of the outage or any steps being taken to resolve it. Keep your eyes on the official announcement from Ton to get real cause and further updates.
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