Despite the initial price jump on Binance, the DOGS price saw a 29.11% decline on other platforms due to significant token unlocks.
The TON ecosystem token Dogs (DOGS) community encountered a substantial price increase shortly after its listing on Binance. The price of DOGS on the crypto exchange increased by more than 120% following its debut.
DOGS Price Rallies Amid Binance Listing
Additionally, the meme token experienced a substantial increase in on-chain activity subsequent to the most recent token activation. At press time, the DOGS/USDT spot pair had risen by an impressive 124.03%, reaching $0.001202 on Binance.
This surge was a component of DOGS’s introduction as the 57th project on Binance Launchpool. Today, we launched the initiative, to an overwhelming and immediate positive response from the market.
The token’s price surged by more than 120% within hours of its launch as a result of the sudden influx of investors to the crypto exchange. The Binance debut was nothing short of remarkable, demonstrating a strong interest in the project despite the TON network facing scrutiny following Telegram CEO Pavel Durov’s arrest.
Following the listing, the Telegram Open Network (TON) reported a significant increase in on-chain activity, which served to heighten the enthusiasm surrounding the DOGS price surge.
The DOGS community initiated an on-chain claiming process, as reported by the TON team. This process resulted in requests being processed at an extraordinary rate of 150,000 times per minute.
Therefore, the TON network, which functions as the backbone for these transactions, is presently undergoing stress testing to ensure that it can accommodate up to 10 million users trading simultaneously. “Congratulations to the Dogs Community for launching their on-chain claim process.”
The TON team stated on Telegram that they are presently processing up to 150K requests per minute and anticipate that this figure will rise. The team cautioned, “Transaction processing times may experience slight delays as the network expands to accommodate the increased volume.”
High Transaction Causes Temporary Disruption
The abrupt increase in activity on Binance during the DOGS price surge also had a ripple effect on other cryptocurrency exchanges. Telegram Wallet has experienced service disruptions due to the large volume of transaction processing.
Users experienced some frustration as the exchange function of the wallet was temporarily unavailable. “The DOGS release has generated considerable excitement!” Telegram Wallet reported that several crypto exchanges, as well as the wallet (albeit partially), are operating at a reduced level of efficiency.
“We are currently experiencing a temporary outage of our exchange feature; however, we are diligently working to resolve the issue and restore operations to their regular state.”
Additionally, the increase in user activity caused complications for Bybit, another prominent cryptocurrency exchange. We temporarily interrupted the exchange’s application, but have since completely restored it.
The DOGS token experienced a significant decline on other platforms, despite the price increase on Binance. The price of DOGS decreased by 29.11% to $0.001202, as reported by CoinMarketCap.
In a DOGS price analysis, it was previously suggested that a collapse was imminent due to the significant token unlock. Additionally, Binance encountered obstacles during the DOGS price surge and the TON network’s stress testing.
The TON network upgrade procedure has been subject to delays, as announced by the exchange. This led to the interim suspension of the TON token deposit and withdrawal services. “Service Update!” The upgrade of our TON network is taking longer than anticipated due to unforeseen complications stated Binance.
Binance stated that it’s team is working tirelessly to restore normal service as soon as possible.
