Telegram Wallet has recently confirmed that the TON network is now back in service following a second outage that resulted in a pause in TON blockchain transactions.
It appears that the TON network is currently facing strain due to a significant volume of DOGS transactions, leading to a halt in transaction processing for nearly four hours. This situation prompted exchanges such as Bybit to temporarily suspend deposits and withdrawals via the TON network.
According to a tweet from the TON Foundation dev, the outage was a result of network overload caused by DOGS transactions. After experiencing the first outage, the network encountered another disruption just a few hours later, leading Telegram Wallet to announce the pause of TON blockchain transactions.
As of now, the TON network has been fully restored, with Telegram announcing that TON-based asset withdrawals and deposits in the Wallet will be processed accordingly. Despite the overall downturn in the crypto market, Toncoin has shown positive momentum post the recent network issues. Following Pavel Durov’s arrest, TON’s price initially dropped to $5.15 but has since recovered, surpassing $5.60 as the network resumed operations. CoinGecko data indicates a more than 7% increase in TON’s value over the past 24 hours.
Earlier in June, Toncoin reached an all-time high of $8.25, driven by the increasing popularity of Notcoin, Hamster Kombat, and now DOGS. TON Foundation dev, Justin, emphasized that the network’s stress testing is a reflection of heightened activity. A recent tweet from Justin hinted at potential positive developments, speculating on Durov’s potential release.
Meanwhile, amidst the broader market decline, DOGS experienced significant price fluctuations, dropping by over 30% from its peak since launch. As Bitcoin dipped to $58,000, DOGS bucked the trend and surged by nearly 30% to $0.0016, likely prompting holders to capitalize on gains and causing strain on the TON network.
Looking ahead, the upcoming launch of the HMSTR token and airdrop by Hamster Kombat on September 26 is expected to further stress the TON network due to the game’s popularity. This highlights the ongoing challenges and opportunities present in the dynamic crypto landscape.
