The Open Network and its native token, TON, recently experienced a significant price drop of over 90% in just a few minutes on CoinMarketCap. This sudden plunge from $5.2 to around $0.3 left investors shocked and concerned about the stability of the token. However, it was later revealed that the crash was not caused by any internal issues with Toncoin or its team. Instead, it was a glitch in the popular crypto aggregator that led to the misleading price data. Fortunately, TON quickly recovered its value against the dollar and is currently back at $5.2. Despite this recovery, the incident added to the series of challenges faced by Toncoin in recent times.
In addition to the price plummet, the Open Network has been dealing with network outages and technical difficulties. Last week, the network experienced two consecutive outages, leaving it offline for over 12 hours in total. These disruptions were attributed to the high demand for meme coins, particularly DOGS, which were launched on the blockchain. The outages not only affected the user experience but also raised questions about the network’s ability to handle increased traffic and maintain stability during peak times.
Adding to the challenges faced by the Open Network, Pavel Durov, the CEO of Telegram and a key supporter of the project, was recently arrested in France. Durov reportedly faced a number of preliminary charges, further raising concerns about the future of the project and its leadership. The legal troubles of the CEO have cast a shadow over the network and its native token, potentially impacting investor confidence and the overall perception of the project’s stability.
Despite the setbacks and challenges faced by the Open Network and its native token, TON, it is important to note that the project has shown resilience in overcoming these obstacles. The recent price plummet, network outages, and legal issues surrounding the CEO have tested the project’s strength and ability to navigate through turbulent times. Moving forward, it will be crucial for the team behind the Open Network to address these issues promptly, communicate transparently with the community, and work towards building a more robust and reliable platform for its users.