TON Up 4% Despite the Ton Blockchain Experiencing Outages

TL;DR

• TON is up 4% in the last 24 hours despite the TON blockchain experiencing outages.

• The broader crypto market is recovering positively following this week’s bearish performance.

TON Reclaims the 9th Spot After 4% Rally

TON, The Open Network’s native coin, is up more than 4% over the last 24 hours. The positive performance comes despite the network’s challenges in recent days. 

The blockchain experienced a second outage on Wednesday. Developers attributed the outage to the “heavy load” from DOGS memecoin minting, which likely caused the previous six-hour outage on Tuesday.

Block production on TON experiencing further disruption

Block production issues began at 19:19 UTC. The disruption appears to be due to heavy load attributed to DOGS token minting. TON Core is working on a solution.

We will continue to update you on the situation as it evolves.…

— TON 💎 (@ton_blockchain) August 28, 2024

The DOGS memecoin launched on Monday and is already trading on several Tier-1 crypto exchanges, including Binance, Bybit, BitGet, and others. 

The network outage didn’t halt TON’s recovery, as the coin has reclaimed the 9th spot after recording huge losses over the weekend following Durov’s arrest. At press time, TON’s price stands at $5.58 and could rally higher if the bullish trend continues. 

TON is the best performer amongst the top 10 cryptocurrencies by market cap, followed by Ether. ETH is up 3% over the last 24 hours and now trades at $2,552. Meanwhile, Bitcoin, the leading cryptocurrency by market cap, is up 1% and trades below $60k per coin.

Thanks to these improved performances, the total cryptocurrency market cap has reached $2.1 trillion.