The Open Network (TON) Experiences Multiple Outages Due to Memecoin Surge
The Open Network (TON) has resumed normal operations following a series of significant outages caused by overwhelming demand for a new memecoin, DOGS. The network, which faced downtime twice within a 36-hour period, returned to functionality early on August 29, 2024.
Details of the Outages
The TON Community announced around 1:00 am UTC on August 29 that the network was back online. The latest disruption occurred from 7:17 pm UTC on August 28, following an earlier outage that began around 11:00 pm UTC on August 27 and lasted until 5:30 am UTC on August 28. In total, TON experienced over 12 hours of downtime across these two incidents.
Both outages have been attributed to a dramatic increase in network activity related to the launch of the DOGS memecoin. The surge in transactions and traffic overwhelmed the network, leading to its temporary collapse.
DOGS Memecoin: Catalyst for Congestion
Introduced officially in July 2024 and launched on August 27, DOGS is a memecoin built on the TON blockchain. Marketed as the “most Telegram-native memecoin,” DOGS draws inspiration from Spotty, the pet dog of Telegram founder Pavel Durov. The launch of DOGS has been marked by exceptional trading volume, with over $1.7 billion transacted in the first 10 hours.
The DOGS token’s Telegram channel has rapidly grown to nearly 17 million subscribers, contributing to substantial congestion on the TON network.
Impact on Toncoin and Market Reactions
The price of Toncoin (TON), the native token of the TON network, has shown some recovery since the network’s restoration, rising by 8% to $5.57, according to CoinGecko data. Despite this rebound, Toncoin has faced a 17% decline over the past week, partly influenced by the arrest of Telegram’s Pavel Durov on August 24 in France.
Network Resilience and Future Outlook
Despite these disruptions, TON’s developers remain optimistic about the network’s resilience. The platform, which integrates with Telegram, aims to continue operating smoothly despite external challenges, including the impact of Durov’s arrest.
As the TON network stabilizes, the focus will likely shift towards improving infrastructure to handle high volumes of traffic and preventing future outages related to the surging popularity of memecoins like DOGS.
