- Dogs (DOGS) launched on exchanges on August 26, with on-chain claims open to millions of Telegram and TON users.
- Services at several crypto exchanges, including Binance and Bybit, experienced slowdowns during the launch.
Telegram Wallet announced that the TON-based meme coin Dogs (DOGS) caused disruptions across multiple crypto platforms as users rushed to claim and trade the token. The announcement followed listings by major exchanges, which led to a surge in on-chain activity and strained services.
Telegram Wallet reports disruption amid DOGS launch
The DOGS token’s on-chain claim process and trading debut produced heavy traffic, slowing some Telegram Wallet functions as millions of holders attempted to claim tokens simultaneously. Telegram Wallet confirmed that certain features were operating less smoothly than usual and temporarily disabled its exchange feature while engineers worked to restore full functionality.
Bybit also reported a brief service interruption tied to the unexpected flood of user activity around the DOGS listing, later confirming that its app and web platform had returned to normal operation.
Binance, which added DOGS to its Launchpool as the platform’s 57th project and listed trading pairs including USDT, BNB, FDUSD and TRY, said an upgrade to the TON network was taking longer than expected due to unforeseen issues. As a result, Binance temporarily suspended deposits and withdrawals for TON while the upgrade was addressed.
The surge in activity coincided with wider market volatility for TON, the token associated with The Open Network. TON’s price weakened in the period surrounding the DOGS launch, reflecting heightened trading pressure and broader market sentiment.
Following its debut, DOGS traded at approximately $0.001182, down roughly 32% from an initial price near $0.0018. TON was trading near $5.57, down almost 3% over the prior 24 hours and about 18% over the past week.
Exchanges and wallet providers stressed that the interruptions were temporary and that teams were actively working to restore full service and stabilize network operations. Market participants were advised to exercise caution during periods of high traffic and to confirm transaction status within their wallets and exchange accounts until normal service resumed.