DOGS Airdrop Overloads TON!

TON's network experienced a major outage after a surge in activity from a memecoin airdrop.

Author

Danielle du Toit
August 28, 2024

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Here's what we've got for you today:

  • TON Blockchain Stumbles Amid DOGS Memecoin Airdrop Frenzy

  • ‘PolitiFi’ Tokens Surged 667% So Far This Year, Outperforming All Memecoins

  • Binance Faces Criticism Over Palestinian Crypto Fund Confiscation

  • Bitwise Bitcoin ETF to Absorb $120M Osprey Bitcoin Trust

TON's network experienced a major outage after a surge in activity from a memecoin airdrop.

  • The TON blockchain experienced a big disruption that stopped block production due to overwhelming network activity triggered by the DOGS memecoin airdrop.

  • The network struggled with the high demand, which led to a lower-than-expected transactions per second (TPS) rate and subsequent network freeze.

  • This disruption, combined with the recent arrest of Telegram CEO Pavel Durov, caused a sharp decline in the price of TON's native token.

📈 ‘PolitiFi’ Tokens Surged 667% So Far This Year, Outperforming All Memecoins

Political Finance or “PolitiFi” tokens have been the biggest gainers this year, with their market cap surging 667% in 2024.

  • This growth from PolitiFi tokens outpaced broader memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), which only rose around 73% in 2024.

  • The PolitiFi memecoin sector’s market cap reached $592.4 million on Aug. 27, which is an almost seven-fold increase since the beginning of the year.

  • Most of the largest political memecoins are Donald Trump-related, with tokens like MAGA (TRUMP), MAGA HAT (MAGA), Super Trump (STRUMP), and Doland Tremp (TREMP) dominating the top five.

Ray Youssef alleged in an X post that Binance seized Palestinian cryptocurrency funds at the request of the Israel Defense Forces.

  • Youssef claimed that Binance confiscated all funds from Palestinian users at the request of the IDF and refused to return them despite appeals.

  • Binance denied blocking funds from all Palestinian users, and stated that only a small number of accounts linked to illicit activities were restricted.

  • The exchange also pointed out that it still complies with international sanctions laws but did not provide any details about the number of affected users or the timing of the restrictions.

The Bitwise Bitcoin ETF (BITB) will soon get $120 million in Bitcoin (BTC) after acquiring the assets in the Osprey Bitcoin Trust (OBTC).

  • Bitwise Asset Management and Osprey Funds announced the Asset Purchase Agreement in a joint statement on Aug. 27.

  • As part of the transaction, OBTC unitholders will receive shares of BITB as they liquidate their OBTC holdings.

  • Bitwise's spot Bitcoin ETF was launched seven months ago, and has attracted $2 billion in investor funds due to its low management fee of 0.20%.

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