The Open Network (TON) and its native token have been experiencing significant swings and challenges in recent days. Just last week, the network faced outages due to high demand for DOGS, causing disruptions for users. However, the most recent development saw the price of TON plummet by over 90% in just minutes on CoinMarketCap. The graph showcasing this drastic drop from $5.2 to approximately $0.3 is a clear indication of the volatility that TON is currently facing.
Interestingly, the crash in TON’s price was not directly related to the project or its team. Instead, it was an issue with a popular crypto aggregator that caused this sudden dip. Users took to various platforms to report the problem, with TON’s price swiftly recovering back to $5.2 against the dollar. It’s worth noting that there have been no complaints about this price drop on any cryptocurrency exchanges, indicating that the issue was more of an outlier than a reflection of TON’s overall performance.
Continued Challenges
This incident adds to a string of challenges that TON has been facing recently. Following the consecutive outages last week and the prolonged offline period of over 12 hours, the network has been struggling to maintain stability. The surge in demand for meme coins such as DOGS has put additional strain on the network, causing disruptions for users and further highlighting the network’s vulnerabilities. Additionally, the arrest of Pavel Durov, CEO of Telegram and a key supporter of the project, has added another layer of uncertainty to TON’s future.
Moving forward, it is crucial for the TON team to address these issues proactively and work towards enhancing the network’s resilience. By strengthening infrastructure, improving scalability, and bolstering security measures, TON can weather the storm of challenges and emerge as a more robust and reliable network. Community trust and investor confidence will play a pivotal role in TON’s ability to overcome these hurdles and establish itself as a prominent player in the crypto space.