As a seasoned researcher with years of experience in the ever-evolving world of crypto, I find myself constantly amazed by the rollercoaster ride that is this industry. The recent events surrounding the DOGS token and Telegram Wallet have once again proven that nothing can be taken for granted in this realm.
Temporarily, the functionality on Telegram Wallet and various cryptocurrency exchanges experienced interruptions due to a sudden influx of users eager to trade Dogecoin (DOGS).
The Telegram Wallet recently alerted the community about an excess in their storage system due to approximately 10 million users of the Dogs (DOGS) mini-game being involved in swaps and on-chain activities. DOGS is a game developed for The Open Network (TON), which was inspired by the mascot of Telegram’s founder, Pavel Durov, called Spotty.
Crypto platforms such as Bybit encountered service problems following a token distribution event that saw approximately 440 billion tokens distributed among participants. Binance too mentioned challenges during the upgrade process prior to the distribution. The issues on platforms like Binance and Bybit were soon resolved, but at the time of reporting, Telegram Wallet was still working on necessary repairs.
🚨 Service Alert: Exciting news! Our app and platform are back online and functioning perfectly once more!
The service interruption was due to an extraordinary increase in user activity during the launch of the $DOGS token.
We recognize how crucial a seamless trading experience is, and we’re glad to report that everything is up and running smoothly again.
— Bybit (@Bybit_Official) August 26, 2024
In the meantime, people were closely examining MEXC for being ahead in listing and starting trading with the DOGS token before other cryptocurrency exchanges did. It appears that MEXC initiated trading with DOGS at least an hour earlier than other platforms, as per available reports.
Initially, the pricing setup led to significant variations and instability, which disappointed those eagerly anticipating the airdrop exchange.
DOGS surpassed Bitget’s $550m FDV prediction
According to an article by crypto.news, Bitget forecasted that the fully diluted valuation of DOGS (Dogecoin) could swiftly reach $550 million. This valuation takes into account the total number of tokens in circulation.
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.
1. Option: The token recently debuted as the newest mini-app on Telegram to introduce its own token, similar to initiatives such as Notcoin (NOT). Users are still hoping for an airdrop from the popular mini-app Hamster Kombat, despite numerous postponements by the development team.
Over the weekend, the founder of Telegram, Pavel Durov, was taken into custody in France on the basis of an arrest warrant. French President Emmanuel Macron clarified that this move was part of a legal investigation into alleged illegal activities within Telegram, rather than being a political attempt to infringe upon individual privacy.
The news sparked a storm of reactions among the cryptocurrency community and on social platforms, with influential figures and industry players criticizing French officials over the detention of Durov.
Chris Pavlovski, CEO of RUMBLE, has countered President Macron’s claims, asserting that he is not truthful about his support for free speech. This statement was made in response to the arrest of Pavel Durov, the CEO of Telegram.
— Mario Nawfal (@MarioNawfal) August 26, 2024
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2024-08-26 18:50