The craze for Avalanche tokens continues to cause network congestion on the public chain. Today, the official AVAX wallet frontend experienced a major outage, and the AVAX wallet on Binance also showed a suspension of deposits and withdrawals, sparking anger within the community. Among the hottest Avalanche tokens currently, DINO has reached a minting progress of 74.19%.
(Bitcoin tokenization fever continues to overflow, with major public chains igniting a tokenization craze. It comes as no surprise that Avalanche, a public chain, is also experiencing a tokenization frenzy. Due to the surge in token transactions, the Avalanche network is experiencing congestion. The frontend of the official AVAX wallet has experienced a major outage, displaying a message that says “Connecting to a new network, please wait.”)
Avalanche is currently still producing blocks normally, but the AVAX C-Chain on Binance Exchange briefly displayed a suspension of deposits and withdrawals, indicating that the network may have been overwhelmed by a large number of users. Some users have reported that the AVAX wallet on Binance has been under maintenance for over 6 hours, but withdrawals are still not possible.
In response, Binance customer service stated that “all Binance currency wallets undergo regular maintenance from time to time, which is a normal phenomenon to ensure the smooth operation of our platform and avoid issues. Please refer to the page prompts for specific wallet maintenance information. You can also set up reminders on the withdrawal page, so that once the wallet maintenance is completed, you will receive the notification immediately.”
According to avascriptions data, Avalanche tokens such as avav, dino, asct, etc., have become the market hotspots in the past 24 hours. Avav has traded 144,000 Avax tokens in the past 24 hours, becoming the leading token on Avalanche. Dino ranks second, with a trading volume of 113,000 Avax tokens in the past 24 hours, and Asct ranks third, with a trading volume of 25,000 Avax tokens in the past 24 hours.
As one of the hottest Avalanche tokens currently, DINO’s minting process is currently underway. With a total supply of 21 million, the minting progress of DINO has reached 74.19%. There are currently 37,476 holding addresses, and it is expected that the number of holding addresses will exceed the current leader, avav, after the minting is completed.
Community reactions
Some members of the Avalanche community have complained that most platforms have suspended network deposits and withdrawals. One community member pointed out that he only wanted to buy some AVAX meme coins but was unable to send AVAX to his wallet. Subsequently, many community members reported experiencing similar situations, and some complained that high gas fees led to network congestion.
Avascan data shows that the current average Avalanche network gas fee is 1,961.81 nAVAX (approximately $1.7).
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Avalanche
DINO
tokenization
Avalanche Protocol