Toncoin Recovers After Network Outage, But Price Remains Under Pressure

Toncoin's price saw a slight recovery today, gaining nearly 3% after the TON network returned to normal operations following a significant disruption.

The network had experienced a six-hour outage due to heavy network load, which affected block production and raised concerns among users, especially following the recent arrest of Telegram CEO Pavel Durov. Despite these issues, the network is now functioning properly.

The TON Blockchain team addressed the situation on social media, explaining that the disruption led to a loss of consensus as several validators struggled to clear old transaction data.

The team assured users that no transactions or assets were lost. A coordinated effort to restart the validators at 4 a.m. UTC successfully resolved the issue.

This disruption came after a stress test related to the DOGS meme coin airdrop and its subsequent Binance listing, which increased network activity.

Although the network recovered, Toncoin’s price still felt the impact. Over the past 24 hours, Toncoin dipped by 1.33%, reaching $5.33 after hitting a low of $5.15 during the disruption. The arrest of Durov has also contributed to a broader decline in Toncoin’s value, with the cryptocurrency down 20% in the past week.