DOGS launch impacts crypto exchanges and Telegram Wallet

2024-8-27 17:59

DOGS launched on exchanges on Aug. 26, with on-chain claims open to millions of Telegram and TON users. Services for crypto exchanges such as Binance and Bybit slowed.

Telegram Wallet announced on Monday that the launch of TON-based meme coin Dogs (DOGS) had many crypto exchanges experiencing disruption to their services.

The announcement followed similar updates from Binance and Bybit, top tier exchanges that listed the meme token for trading on Aug. 26.

Telegram Wallet reports disruption amid DOGS launch

DOGS token’s on-chain claims and trading debut saw the Telegram Wallet’s functionality slowed as millions of holders began claiming tokens.

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

Bybit also provided an update noting resumption of normal service after a brief disruption.

🚨 Service Update: We’re thrilled to announce that our app and web platform are fully operational again!

The temporary disruption occurred due to an unprecedented surge in user activity during the $DOGS token listing.

We understand how important a smooth trading experience is,…

— Bybit (@Bybit_Official) August 26, 2024

Earlier, Binance listed DOGS for trading after adding it to the Launchpool as the 57th project. The exchange added trading pairs for USDT, BNB, FDUSD and TRY.

Binance later provided an update noting that its upgrade of the TON network was taking longer than anticipated “due to unforeseen issues.”

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.

Thank you for your understanding!

— Binance (@binance) August 26, 2024

Delays saw Binance suspend deposit and withdrawal for TON – the Open Network token that plummeted after Telegram CEO Pavel Durov’s arrest in France.

DOGS traded around $0.001182, roughly 32% down on the day after debuting at $0.0018.

Meanwhile, TON price was around $5.57, nearly 3% down in the past 24 hours and 18% in the red over the past week

The post DOGS launch impacts crypto exchanges and Telegram Wallet appeared first on CoinJournal.

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