Key facts:
According to the team, DOGS was the largest memetoken generation event ever created.
Currently, DOGS has 4.5 million holders.
The Open Network (TON) has made a statistical summary of the effects of the token generation event (TGE) of DOGS, the meme cryptocurrency inspired by a drawing by Pavel Durov, CEO of Telegram. According to the TON team, DOGS “made history as the largest meme token generation event ever created.”
Secure The Open Network in its X network that the distribution of DOGS tokens has been a key factor in the increase in network activity, and although they do not mention it, also in the network’s crashes. According to statistics shared by the TON network account, the network’s daily active users reached 1.1 million several times, and up to a maximum of 14.4 million transactions in one day.
The figure of 14.4 million daily is significant because, at the end of August, the network was experiencing around 5 million transactions per day before the sudden explosion of activity.
Some facts about the DOGS memecoin
DOGS is now stored in 4.5 million unique wallets within The Open Network. According to the TON network account, “that makes it the token with the most unique holders of all time, across all chains; only USDt on TRON and Ethereum have more.”
In TON’s X account they use the word token to filter out comparisons to other coins, but it includes ether in it, which is more of a utility cryptocurrency than a token.
It also does not consider the exclusive holders of bitcoin, which according to estimates for 2023 would put them in first place with 106 million owners.
Actually, there are several cryptocurrencies and tokens with more holders that DOGS, especially from the top 10, such as ether (ETH), Bitcoin SV (BSV), Algorand (ALGO), Bitcoin Cash (BCH), Dogecoin (DOGE) and USDT. If the numbers are correct and DOGS has 4.5 million holders, Yes, it would surpass Cardano (ADA), USDC, Shiba Inu (SHIB) or Dash (DASH).
According to further data, 53 million users interacted with the DOGS app and 42.2 million were eligible for the token airdrop. In total, 17 million claimed this airdrop.
The surge in activity in TON caused by the DOGS token has been a constant in recent months. As CriptoNoticias reported, these spikes brought more than one stoppage in block production and in The Open Network’s garbage collection process.
At some point, the network arrived to be paralyzed for 6 hours due to transaction overloads and DOGS minting.
Although there have been no reports of another outage on the TON network, the DOGS incident can give a measure of the current activity limits that the network is able to support. The same goes for its scalability potential. The Solana network also experienced these difficulties during peak activity.