Altcoin

DOGS Price Rockets 120% On Binance Amid High On-chain Activity

Published

2 months ago

August 26, 2024

Coin2049 Newsletter

TON ecosystem token Dogs (DOGS) community, experienced a significant price increase shortly after its listing on Binance. The DOGS price rocketed over 120% on the crypto exchange after the debut. Moreover, the on-chain activity for the meme token surged significantly after the latest token unlock.

DOGS Price Rallies Amid Binance Listing

The DOGS/USDT spot pair soared by an impressive 124.03%, reaching $0.001202 at press time on Binance. This surge came as part of DOGS debut as the 57th project on Binance Launchpool. The project went live today and the response from the market was immediate and overwhelmingly positive.

Investors quickly flocked to the crypto exchange, driving the token’s price up by over 120% within hours of its launch. The Binance debut was nothing short of remarkable, reflecting strong interest in the project despite TON network facing scrutiny amid Telegram CEO Pavel Durov’s arrest.

Adding to the excitement around DOGS price surge, the Telegram Open Network (TON) reported a massive spike in on-chain activity following the listing. According to the TON team, the DOGS community initiated an on-chain claiming process that saw requests being processed at an astonishing rate of 150,000 times per minute.

Hence, the TON network, which serves as the backbone for these transactions, is currently undergoing stress testing to handle up to 10 million users trading simultaneously. “Congrats to Dogs Community who have started their on-chain claim process. We hear they are currently processing up to 150K requests a minute, and we expect this number to increase,” the TON team announced on Telegram.

The team warned, “Expect slight delays in transaction processing times as the network expands to handle the load.” Amid the DOGS price surge on Binance, the sudden influx of activity also had a ripple effect on other cryptocurrency exchanges. Telegram Wallet reported disruptions in its services due to the high volume of transactions. The wallet’s exchange function became temporarily unavailable, leading to some frustration among users.

“The DOGS release has created quite a buzz! Several crypto exchanges, as well as Wallet (albeit partially), are running less smoothly than usual,” Telegram Wallet wrote. “Our exchange feature is temporarily unavailable, but don’t worry — we’re working hard to resolve this and get everything back to normal soon,” they added.

Bybit, another popular crypto exchange, also experienced issues due to the surge in user activity. The exchange’s application was interrupted temporarily but has since been fully restored.

The Other Side

Despite the surge in DOGS price on Binance, the token faced a sharp correction on other platforms. According to CoinMarketCap, DOGS price plummeted by 29.11% to $0.001202. Earlier, in a DOGS price analysis, Coingape hinted at an imminent crash owing to the massive token unlock.

Moreover, Binance also faced its challenges amid the DOGS price rally and the TON network’s stress testing. The exchange announced delays in the TON network upgrade process. This resulted in the temporary suspension of TON token deposit and withdrawal services.

“Service Update! Our TON network upgrade is taking longer than expected due to unforeseen issues. Rest assured, our team is working diligently to restore normal service as quickly as possible,” Binance stated.