The TON ecosystem token Dogs (DOGS) experienced a significant price increase shortly after its listing on Binance. The DOGS price rocketed over 120% within hours of its debut, driving a notable surge in on-chain activity.
DOGS Price Rallies on Binance
The DOGS/USDT spot pair soared by an impressive 124.03%, reaching $0.001202 at press time on Binance. This surge came as part of DOGS debut as the 57th project on Binance Launchpool. The project went live today and received an immediate and overwhelmingly positive response from the market. Investors quickly flocked to the crypto exchange, driving the token’s price up by over 120% within hours of its launch.
Implications for TON Network
The surge in DOGS price also brought attention to the Telegram Open Network (TON). The DOGS community initiated an on-chain claiming process that saw requests being processed at an astonishing rate of 150,000 times per minute. Consequently, the TON network is undergoing stress testing to handle up to 10 million users trading simultaneously.
Other Platforms and Issues
Despite the price surge on Binance, DOGS faced a sharp correction on other platforms, dropping by 29.11% to $0.001202 according to CoinMarketCap. Binance also reported delays in the TON network upgrade process, resulting in temporary suspension of TON token deposit and withdrawal services. Telegram Wallet and Bybit also experienced service disruptions amid the increased user activity.
The DOGS price showcased a significant increase following its listing on Binance, attracting investor attention and prompting a notable rise in on-chain activity on the TON network. However, volatility on other platforms and technical issues highlight the unpredictable nature of the cryptocurrency market.
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