Telegram-backed The Open Network came to a standstill on Aug. 28 as block production halted due to network overload caused by the hype around the new memecoin DOGS.

Data from TON Explorer revealed that no new blocks had been created for a close to seven-hour period, with block 39987437 being the last one mined before the outage. However, at the time of writing, block production had resumed.

The TON-based memecoin platform Tonk Inu first flagged the incident, stating that the launch of DOGS had resulted in high volumes of traffic, which likely led to the outage. 

The official X account for the TON blockchain acknowledged the issue, citing “abnormal load,” highlighting that roughly 20 million transactions had been executed on the network over the past 48 hours. 

“Several validators are unable to clean the database of old transactions, which has led to losing the consensus.”

Due to the increased load, TON validator nodes reportedly lost consensus. TON Core, the network’s development team, had urged validators to restart their nodes at 4:00 AM UTC. This coordinated restart was aimed at resetting the validators’ processes, clearing the backlog of tasks, and returning them to synchronization.

Meanwhile, the TON team has assured the community that all assets will remain safe and pending transactions will be processed.

Prominent cryptocurrency exchanges like Binance, Bybit, and OKX suspended transactions to and from the TON blockchain following the outage.

While it hasn’t been officially confirmed whether the hype around DOGS (DOGS) had led to the outage, TON community member Justin pinned the blame on the new memecoin.

DOGS was launched on Aug. 26 and raked over $1.7 billion in trading volume within the first ten hours. Blockchain explorer Tonscan noted the following day that the memecoin had generated “quite a lot of traffic,” resulting in some “central services” being temporarily suspended at the time.

As previously reported by crypto.news, the launch of DOGS had also disrupted the functioning of multiple crypto exchanges and caused an overload for the Telegram Wallet. 

DOGS, the recently launched TON-based meme coin, has secured a listing on another popular crypto exchange while short traders continue to bet on its price fall.

According to a press release on Aug. 27, DOGS has been listed on Bitget’s PoolX platform following a successful pre-market phase that began on July 12.

The pre-market period generated significant trading activity and interest within the TON community, allowing early Bitget users to engage with DOGS before its wider release.

During this phase, Bitget also conducted a gas-free airdrop campaign, enabling users to claim DOGS tokens without incurring transaction fees. By connecting their accounts through the DOGS Telegram mini-app, participants could easily gain access to their tokens.

With DOGS now available on PoolX, users can stake USDT to enter a giveaway pool of 5 million DOGS, running until 9 AM UTC on Sept. 2.

PoolX on Bitget is a platform feature that lets users stake cryptocurrencies or participate in liquidity mining to earn rewards. By staking assets in PoolX, users can gain additional tokens or interest, offering a way to earn passive income without active trading. 

The DOGS token began trading on major centralized exchanges, including Binance, Bybit, OKX, Bitget, and Gate, on Aug. 26 at 12 pm UTC. Within the first 10 hours, the Telegram-native meme coin reached a market cap of $624 million, with a trading volume of $1.74 billion.

Following the launch of DOGS, Telegram Wallet and these crypto exchanges experienced temporary disruptions as millions of users flocked to trade the DOGS token.

The meme coin has since declined by 27% and continues to drop, according to hourly charts on CoinGecko. The memecoin was trading at $0.0012, with its daily trading volume at $1.67 billion.

According to Coinglass data, the total open interest for DOGS has seen a massive surge to $90.38 million, reflecting a massive increase in trader interest in the memecoin. This suggests that a large influx of new money is driving the price rally.

Additionally, market intelligence data reveals that the total funding rates aggregated by DOGS are at 0.0094%, indicating traders’ bullish sentiment on the continued rise in DOGS’s price.

However, an increase in open interest while the price falls typically reflects a bearish outlook, with traders expecting further declines in the cryptocurrency’s price.

At the time of writing, the token was also trending on Google and social media platforms like X and Telegram.

Meanwhile, analysts’ opinions are divided regarding the future of DOGS. Some express concern that distributing the token through airdrops could lead to immediate selling pressure, casting doubt on its long-term value.

Conversely, others believe in the potential of DOGS, citing strong community support and the broader trend of meme coins. They suggest that despite potential volatility, the token could maintain or even increase its value if the community remains active and supportive.

The launch of the Dogs token coincided with the arrest of Telegram founder and CEO Pavel Durov, who created the mascot “Spotty,” now synonymous with the DOGS token.

This development has galvanized the crypto community, leading to the emergence of the #FREEDUROV campaign, which has quickly gained traction across social media platforms. Some market observer suggest that a favorable outcome in Durov’s legal situation could potentially lead to bullish momentum for DOGS.