- Mass DOGS Trading Leads to Disruptions
- Price Disparities and Volatility Due to Early Listing
- Arrest of Pavel Durov and Community Reaction
Functionality on Telegram Wallet and several crypto exchanges was temporarily disrupted after millions of users rushed to trade DOGS.
Mass DOGS Trading Leads to Disruptions
Telegram Wallet notified the community of an overload on the storage solution as over 10 million DOGS users engaged in swaps and on-chain activity. DOGS is a mini-game on The Open Network (TON) inspired by Telegram founder Pavel Durov’s mascot, Spotty. Crypto exchanges like Bybit reported service issues after the project airdropped around 440 billion tokens to participants. Binance also noted upgrade difficulties hours ahead of the distribution. Normalcy returned to exchanges like Binance and Bybit shortly after, but at press time, Telegram Wallet was still implementing fixes.
Price Disparities and Volatility Due to Early Listing
Users scrutinized MEXC for listing the token and opening trading before other exchanges. According to reports, the crypto exchange started trading DOGS at least one hour before other platforms, introducing price disparities and volatility, much to the chagrin of users waiting to swap the airdrop. Bitget predicted that DOGS would instantly achieve a $550 million fully diluted valuation, referring to the token's value based on its total supply. Data showed a $707 million FDV for the TON-powered web3 game token. The digital asset changed hands around $0.0012, similar to its pre-market trading price before the airdrop.
Arrest of Pavel Durov and Community Reaction
In related news, Telegram’s founder Pavel Durov was apprehended on an arrest warrant in France over the weekend. French President Emmanuel Macron said Durov’s detention was a judicial inquiry into illegal operations on Telegram rather than a political crackdown on individual privacy. The news caused an uproar within the crypto community and on social media, as billionaires and industry stakeholders blasted French authorities for Durov’s arrest.
Normalcy returned for most services, but the incident underscores the importance of infrastructure resilience to sudden mass user activities.
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