Telegram founder Pavel Durov recently highlighted the remarkable performance of The Open Network (TON) cryptocurrency Gram ($GRAM) amid a massive sell-off across the crypto market.
In his latest post on social media platform X, Durov said Gram was defying the bearish market, rising by 8% while other major cryptocurrencies continued to struggle.
"Crypto's a sea of red. Only Gram is up +8%," Durov said.
The Telegram founder said Gram was performing better because of its integration with Telegram. He argued that its connection to an established social media ecosystem gives Gram a significant advantage over other cryptocurrencies.
The billionaire entrepreneur was highly bullish on Gram’s prospects, saying it deserves to rank among the three largest digital assets by market capitalization.
The Telegram founder said Gram was "still ridiculously undervalued," and added that he believes it will eventually enter CoinMarketCap’s top three.
However, Durov’s claim that Gram is the only cryptocurrency rising is not entirely accurate.
According to CoinGecko data, Gram is currently trading at around $1.15. Over the past 24 hours, it has gained 4.5%. Its market capitalization is now about $3.28 billion, and it ranks 29th.
Gram is among the strongest performers among major cryptocurrencies, but some altcoins have posted even bigger gains. Bitway (BTW), for example, is up 18.8%, while Lighter (LIT) has gained 10.8%. Internet Computer (ICP) is up 8.2% over the past 24 hours.
Growing Gram ecosystem at Telegram
The Telegram crypto ecosystem has seen several major developments.
For example, a major change took place in June, when TON’s native cryptocurrency officially changed its name from Toncoin (TON) to Gram ($GRAM). The project thereby restored the name first proposed for Telegram’s blockchain project. A total of 81.22% of votes supported the name change. Users do not need to swap their tokens.
Telegram is also working to expand adoption of its native self-custodial Gram Wallet, which lets users send crypto directly within the messenger.
On Nov. 9, Durov said more than 700K self-custodial wallets had been created in Telegram over 48 hours.
The Telegram founder said users can obtain Gram through wallet auto-activation, without complicated activation procedures.
The ecosystem has also attracted significant institutional interest. For example, Nasdaq-listed TON Strategy said it held about 235.1 million $GRAM tokens at the end of Q3. On Nov. 10, the company reported quarterly revenue of $13.1 million.
Add A Comment
Comments are closed.