Despite adverse market conditions, DOGS has seen a significant price enhance over the past 24 hours. The token, launched on The Open Network (TON), has seen a 34% enhance amid market volatility and a recent blockchain outage. Its performance has pushed the price to a market capitalization above $800 million, fueling bullish sentiment among investors.

TON-Based Memecoin Takes the Market by Storm

DOGS is a TON-based memecoin centered around the dog mascot “Spotty,” created by Telegram founder Pavel Durov. The project recently announced a mass airdrop and listing on major cryptocurrency exchanges including Binance, OKX, and Bybit.

The DOGS airdrop would offer eligible users 440 billion tokens out of 550 billion available tokens. 81.5% of the DOGS tokens were allocated to the community, while 73% were reserved for “Telegram Ogs who earned DOGS in the app.”

The remaining 4.5% would reward traders, sticker creators, and future community members. Additionally, 10% of the supply was allocated to the project team and future development, while 8.5% was reserved for liquidity on CEXes and DEXes and listing events.

Following the August 26 listing, several cryptocurrency exchanges encountered technical issues due to an “unprecedented surge in user activity.” The high on-chain activity temporarily disrupted the exchanges’ operations.

This the enhance in activity also affected Telegram Wallet. Since announced on Telegram Wallet channel, the launch “created a lot of buzz”, the exchange function on the platform is temporarily unavailable.

The DOGS community channel stated that the launch “melted TON’s infrastructure.” The dump was also linked to the TON congestion on August 27. The community reported that the blockchain disrupted block production for about seven hours.

TON Foundation explained that the network congestion was related to the huge number of DOG transactions. The network recorded over 20 million transactions in the previous two days. This caused “many validators to be overwhelmed by garbage collection long enough to lose consensus.”

DOGS becomes the biggest player in 24 hours

The TON network issues were accompanied by a market correction on Tuesday that saw the industry plunge more than 7%. The crash caused Bitcoin (BTC) to lose support above the $60,000 level and dive straight into the $58,000 range.

While most cryptocurrencies followed the decline, DOGS remained unfazed by the adverse market conditions. Altcoin Sherpa illuminated that the token “has not changed amidst all the volatility.”

Amid the turmoil, the recent memecoin sensation has been hovering between the $0.00115-$0.001125 price range. The token has seen positive price action following the network restoration.

DOGS saw a remarkable 33.6% price enhance early Wednesday morning, moving from the $0.00125 level to the $0.00167 price range. Following this performance, memecoin became the biggest gainer among the top 100 cryptocurrencies in the past 24 hours.

Additionally, its market cap increased to over $843 million, making it the 92nd largest token by that metric. The cryptocurrency has since recovered to a market cap of $800 million and a trading price of $0.00159.

Featured image from X.com, chart from TradingView.com