- DOGS token launch causes disruptions across Telegram Wallet and major crypto exchanges, impacting millions of users.
- MEXC faces criticism for early DOGS listing, sparking price volatility and community debates over fairness.
- DOGS debut sees 32% price drop, with FDV reaching $707M; TON price also declines amid Durov’s legal troubles.
The launch of the DOGS token, a meme coin inspired by Telegram founder Pavel Durov’s mascot Spotty, led to widespread disruptions across several platforms, including Telegram Wallet.
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The surge in user activity, with over 10 million DOGS holders engaging in swaps and on-chain transactions, overwhelmed Telegram Wallet’s storage solutions, prompting the company to notify users of temporary service issues. As of press time, Telegram Wallet has been implementing fixes to restore full functionality.
Crypto Exchanges Experience Technical Issues
Major cryptocurrency exchanges, including Bybit and Binance, faced technical challenges due to the high trading activity surrounding the DOGS token. Bybit reported brief service disruptions to participants following the airdrop of approximately 440 billion DOGS tokens.
Similarly, Binance encountered difficulties in upgrading the TON network, which delayed the processing deposits and withdrawals for TON, the Open Network token linked to Telegram’s ecosystem.
The situation on Binance returned to normal after a few hours, but the disruption underscored the strain large-scale token launches could place on exchange infrastructure. Bybit quickly resumed normal operations, and other affected platforms worked to resolve any remaining issues.
Controversy Surrounding Early Listing on MEXC
Amid the chaos, MEXC, another cryptocurrency exchange, drew scrutiny for listing the DOGS token and opening trading earlier than other platforms. Reports indicate that MEXC began trading DOGS at least one hour before its competitors, leading to price disparities and heightened volatility. This move frustrated users waiting to swap their airdropped tokens and caused additional confusion during the launch.
The early listing by MEXC sparked debates within the crypto community about the fairness and transparency of such actions, particularly during high-profile token launches that attract significant attention and trading activity.
Price Movements and Market Response
Following the airdrop, DOGS traded at approximately $0.0012, mirroring its pre-market price. However, the token experienced a volatile debut, with prices dropping around 32% to $0.001182 by the end of the day. The token’s fully diluted valuation (FDV) was reported at $707 million, surpassing initial predictions of $550 million. The fluctuations in DOGS’ price were not unexpected, given the frantic trading activity and the technical challenges faced by the platforms involved.
Meanwhile, TON, the underlying token for the Telegram-powered web3 ecosystem, saw its price decline to $5.57, down nearly 3% in the past 24 hours and 18% over the past week. Pavel Durov’s arrest in France, reportedly in connection with the inability to regulate unlawful actions on Telegram, added to the uncertainty surrounding the token and its ecosystem.
The DOGS token launch marks the latest development in Telegram’s expanding ecosystem of mini-apps and tokens. Previous projects like Notcoin (NOT) have set the stage for DOGS’ entry into the market, and anticipation is building for future launches, such as the delayed Hamster Kombat token airdrop.
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