DOGS airdrop disrupted Telegram Wallet and exchange services

Telegram Wallet and functionality on several cryptocurrency exchanges have been temporarily down after millions of users flocked to trade DOGS.

Telegram Wallet has notified the community that its storage solution is overloaded, with over 10 million Dogs (DOGS) users participating in swaps and on-chain activity. DOGS is a mini-game played on The Open Network (TON), inspired by Telegram founder Pavel Durov’s mascot Spotty.

Crypto exchanges like Bybit reported service issues after the project airdropped around 440 billion tokens to participants. Binance also noted upgrade difficulties hours before the distribution. Exchanges like Binance and Bybit returned to normal shortly after, but at press time, Telegram Wallet was still implementing fixes.

🚨 Service Update: We are excited to announce that our app and web platform are fully operational again!

The temporary outage occurred due to an unprecedented increase in user activity. $DOGS token listing.

We are aware of how important a seamless trading experience is…

— Bybit (@Bybit_Official) August 26, 2024

Meanwhile, users scrutinized MEXC for listing the token and opening trading before other exchanges. According to reports, the crypto exchange began trading DOGS at least an hour before other platforms.

The early listing caused price differences and volatility, much to the chagrin of users waiting to exchange the airdrop.

DOGS Surpasses Bitget’s $550M FDV Forecast

According to Crypto.news, Bitget estimates that DOGS will instantly reach a fully diluted valuation of $550 million, which is the value of a token based on its total supply.

Data showed a $707 million FDV for the TON-backed web3 gaming token. The digital asset changed hands at around $0.0012, similar to its pre-market trading price before the airdrop.

The token was the latest Telegram mini-app to launch its token, following in the footsteps of projects like Notcoin (NOT). Users are also expecting an airdrop from viral mini-app Hamster Kombat, despite multiple delays from the team.

In related news, Telegram’s Durov was arrested on a warrant in France over the weekend. French President Emmanuel Macron said Durov’s detention was a judicial investigation into illegal operations at Telegram, rather than a political crackdown on individual privacy.

The news sparked widespread outrage in the crypto community and on social media, with billionaires and industry stakeholders slamming French authorities for Durov’s arrest.

🚨RUMBLE CEO TO MACRON: YOU ARE LIE – YOU DON’T CARE ABOUT YOUR RIGHT TO FREE SPEECH

Chris Pavlovski has accused the French President of lying about his commitment to freedom of expression following the arrest of Telegram CEO Pavel Durov.

“When you say you are committed to freedom… https://t.co/GNst20YejT picture.twitter.com/PtcJU0xJkW

— Mario Nawfal (@MarioNawfal) August 26, 2024