- Block production on the Telegram Open Network has stopped after a flurry of trading activity for a new meme coin named DOGS.
- After more than three hours, the Telegram Open Network (TON) has ceased to validate new transactions and has not generated a new block.
In an Aug. 28 post on X, the TON-based community platform Tonk Inu, the company said that there had been a continuous outage on the TON network and blamed it on a market frenzy surrounding the launch of a new meme coin dubbed DOGS.
According to TON network tracker Tonscan, the last approved transaction on TON was in block 45341899 more than three hours ago. Since then, the network has not been able to generate any new blocks.
Crypto exchange ByBit announced that it had stopped accepting deposits and withdrawals to TON until the network had stabilized, citing network instability.
A TON Foundation member named Justin stated in a post on August 28 to X that the outage was caused by a “network overload” as a result of the large volume of DOGS transactions. He added that TON validators were also overworked and had lost consensus as a result.
Justin said, “Validators will be called upon to restart at 4:00 UTC in order to restore consensus.”
On August 27, the DOGS meme coin was introduced on the Telegram Open Network.
Within the first 10 hours of debut, the token—which is already listed on major exchanges like Binance and OKX—saw $1.7 billion in trading volume and peaked at $891 million in market value.
Based on CoinMarketCap data, the meme coin’s price peaked at $0.0019 right after debut and has since dropped to about $0.0012 at the time of writing.
In the messaging app, the TON Society has unveiled a “Open Letter Mini App” asking the French government to release Durov from custody and “permit Telegram to protect the freedom of expression and right to private life for its users.”
Pavel Durov, the CEO and founder of Telegram, was arrested on August 24 by French police using a search order that was intended to address purported infractions of the encrypted messaging service.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
