TON-Based Memecoin Becomes Largest Gainer With 30% Jump

Despite adverse market conditions, dogs (DOGS) saw a significant price jump in the last 24 hours. The token, launched on The Open Network (TON), saw a 34% surge amid the market volatility and the blockchain's recent outage.

A TON-based memecoin called DOGS has emerged as the biggest gainer among the top 100 cryptocurrencies in the last 24 hours, with a 30% surge.

The project, centered around a dog mascot named "Spotty" created by Telegram's founder, recently announced a massive airdrop and listing on major crypto exchanges.

According to the project's website, out of the 550 billion DOG tokens, 440 billion will be airdropped to eligible users. The community will receive 81.5% of the tokens, with 73% allocated to "Telegram OGs, who earned DOGS in the app."

The remaining 4.5% will be distributed to traders, sticker creators, and future community members who join the project's channels and participate in activities.

After the listing on August 26, several crypto exchanges encountered technical problems due to an "unprecedented surge in user activity," which limited users' ability to trade the token on some platforms.

The high on-chain activity also affected the Telegram Wallet, as announced on the Wallet's Telegram channel. The launch "created quite a buzz," and the platform's exchange feature became temporarily unavailable.

According to the DOGS Community channel, the launch was "melting TON infrastructure." The airdrop was also linked to TON's overload on August 27, with the community reporting that the blockchain disrupted block production for about seven hours.

The TON Foundation stated that the network overload was related to DOG's massive number of transactions, which caused the network to "burn out." The network registered over 20 million transactions in the previous two days. This resulted in "garbage collection overloading many of the validators for enough time for them to lose consensus."

The DOGS token's 24-hour performance stands out in the market, as most cryptocurrencies experienced a retracement on Tuesday due to a market crash, which caused the industry to dip by over 7%.

The crash caused Bitcoin (BTC) to lose its support above the $60,000 mark and drop straight to the $58,000 range. While most cryptocurrencies followed the drop, DOGS remained largely unfazed by the adverse market conditions.

As highlighted by Altcoin Sherpa, the token "didn't move amidst all the volatility." The new memecoin sensation hovered between the $0.00115-$0.001125 price range during the market turmoil.

After the network's restoration, the token saw a positive price action, with a remarkable 33.6% price jump in the early hours of Wednesday, going from the $0.00125 mark to the $0.00167 price range.