Toncoin Price Gains Momentum As TON Blockchain Resumes After Major Outage

Highlights

TON Blockchain experienced a major outage due to abnormal load, causing a loss of consensus among validators.
However, the issue was fixed and Toncoin's price gained in hourly charts, although it dipped 1.33% to $5.33 during the disruption, with $1.43 million in long liquidations reported.
Concerns grew over a potential selloff as Toncoin already faced uncertainty after Telegram CEO Pavel Durov's arrest.

Toncoin price gained nearly 3% in the hourly time frame charts today as the TON network resumed operations following a major disruption in its block production process. The disruption occurred due to an “abnormal load” on the network, which raised concerns over Toncoin amid Telegram CEO Pavel Durov’s arrest. Nevertheless, the network resumed operations after nearly six hours of outage, functioning back to normal as of writing.

TON Blockchain Resumes After Server Disruption

The Toncoin team posted on X today, “TON is now producing blocks normally! We are back online.” This statement comes in the aftermath of the outage.

Notably, the outage led to several validators being unable to clean the database of old transactions, resulting in a loss of consensus. The disruption was first acknowledged by the TON Blockchain team on X (formerly Twitter), where they informed users about the issue. This raised concerns of further dump in TON price.

“TON Blockchain is currently experiencing a disruption in block production. The issue is occurring due to the abnormal load currently on TON. Several validators are unable to clean the database of old transactions, which has led to losing the consensus,” the team wrote earlier.

They further reassured users, stating, “Rest assured your transactions will be made, no cryptocurrency assets will be lost due to the issue.” However, the Toncoin price extended into the “red” territory shortly after.

To resolve the problem, TON Core issued a call to validators to restart at 4 a.m. UTC, hoping that this would allow the network to reestablish consensus. Fortunately, the effort paid off, as the TON Blockchain team later confirmed that the network is producing blocks normally and is online.

Earlier, the TON network faced a stress test as DOGS meme coin’s airdrops claim went live. Amid the claims, DOGS registered a speed of 150,000 times per second. Moreover, the subsequent Binance listing also boosted activity.

However, the blockchain continues to experience new disruptions due to the heavy load attributed to the DOGS token minting. The platform noted that it is working on a solution emphasizing that user assets are not at risk.

Toncoin Price Dips

Despite the resolution, the incident had a noticeable impact on the Toncoin price. At the time of writing, TON price dropped 1.33% in the past 24 hours to $5.33. The crypto hit a low of $5.15 during the disruption before rebounding slightly. The high for the day was recorded at $5.63 prior to the server disruption.

Adding to the pressure on Toncoin, it saw $1.43 million in long liquidations over the past 24 hours, according to data from Coinglass. This liquidation activity is likely to weigh on the price further. Moreover, Toncoin price has already been under pressure following the arrest of Telegram CEO Pavel Durov in France on August 25.

The uncertainty surrounding Durov’s situation has contributed to a 20% decline in TON price in the 7-day frame. Moreover, the brief rebound on optimism around his potential release was also short-lived. Toncoin price surged amid reports on the release of Pavel Durov. The Telegram CEO was released from police custody and transferred to court for questioning before an alleged indictment. The asset’s price surged within hours after the initial development before making a correction.

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Kritika Mehta

Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

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