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

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As a seasoned crypto investor with a knack for spotting emerging trends and navigating volatile markets, I must say that the recent surge of DOGS on Binance was nothing short of exhilarating. The 124% price increase within hours of its listing is a testament to the power of community support and the allure of being an early adopter. However, it’s crucial to remain cautious amid such rapid growth, as we’ve seen similar situations lead to corrections in the past.

As a researcher studying the TON ecosystem, I’ve observed an intriguing trend with their token Dogs (DOGS). Notably, shortly following its listing on Binance, there was a substantial price surge for DOGS, soaring over 120%. This remarkable increase occurred on the crypto exchange post-debut. Furthermore, the activity within the blockchain for this meme token saw a dramatic uptick after the most recent unlock event.

DOGS Price Rallies Amid Binance Listing

In a noteworthy rise, the Dogs/USDT trading pair experienced a remarkable increase of 124.03%, peaking at $0.001202 on Binance at the time of press. This spike occurred during Dogs’ debut as the 57th project on Binance Launchpool. The market reaction to this launch was swift and exceptionally favorable.

In a flash, investors rushed to the cryptocurrency exchange, which resulted in an astounding 120% increase in the token’s price within merely hours of its debut. The launch on Binance was truly exceptional, showcasing high levels of enthusiasm for the project, even as the TON network grappled with criticism following Telegram CEO Pavel Durov’s arrest.

Boosting the enthusiasm over DOGS’ price rise, the Telegram Open Network (TON) observed a significant increase in on-chain activity post-listing. As reported by the TON team, the DOGS community instigated an on-chain claiming process, which had requests being processed at an astounding pace of approximately 150,000 times every minute.

The TON network, responsible for these transactions, is being put through rigorous testing at present, aiming to accommodate as many as 10 million users engaging in trades concurrently. Meanwhile, the Dogs Community has initiated their on-chain claim procedure and are reportedly handling approximately 150,000 requests per minute – a number we anticipate will escalate further, as shared by the TON team via Telegram.

In light of the escalating DOGS price surge on Binance, there has been an unexpected increase in activity that affected other digital currency exchanges as well. As a result, Telegram Wallet experienced interruptions in its services due to the large number of transactions being processed. Consequently, their exchange function became momentarily inaccessible, causing some inconvenience for users. So, be prepared for slight delays in transaction processing times as the network grows to accommodate this heightened activity.

As an analyst, I’m excited to report that the DOGS release has generated a significant amount of interest! However, it seems that some popular crypto exchanges, including Telegram Wallet (though only partially), are experiencing more turbulence than usual due to this update. In response, Telegram Wallet has announced that their exchange feature is currently unavailable. Rest assured, they’re putting in extra effort to rectify the issue and return everything back to normal as soon as possible.

As a crypto enthusiast, I found myself among the many users who faced hurdles with Bybit, a well-known crypto trading platform. Due to an unprecedented influx of activity, the application momentarily halted, but swift action was taken to rectify the situation. Now, it’s running smoothly once again.

The Other Side

Although Binance saw a rise in DOGS token value, there was a significant drop on other trading platforms. As reported by CoinMarketCap, the DOGS price dropped by 29.11% to reach $0.001202. Previously, Coingape had suggested that a crash might occur due to the large-scale token unlock, predicting potential trouble ahead for DOGS investors.

Additionally, Binance encountered difficulties during the surge of DOGS prices and the rigorous testing of the TON network. The platform revealed that the upgrading process for the TON network would be postponed, leading to a temporary halt in deposits and withdrawals of TON tokens.

“Important Notice: The scheduled update for our TON network is currently facing unexpected challenges, causing delays. Don’t worry, our dedicated team is doing their utmost to get things back on track and return to regular operation as soon as we can.”

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2024-08-26 17:44