Telegram founder Pavel Durov said the native token of The Open Network (TON), GRAM, is undervalued and could eventually rank among the three largest cryptocurrencies on CoinMarketCap. His comments followed an 8% price increase on November 11, when most other major assets, including Bitcoin and the top‑10 altcoins by market cap, were trading lower.
Market performance on November 11
Durov posted on X that GRAM was the only coin rising in a broadly red market, showing an 8.65% gain to around $1.12 and a market capitalization of roughly $3.21 billion. At the same time, coins such as Litecoin, Avalanche, Sui and Hedera Hashgraph fell between 1.70% and 3.57%.
CoinGecko data listed GRAM (formerly Toncoin) near $1.14 with a market cap of about $3.26 billion and a 24‑hour trading volume increase of 50% to $113 million.
Durov’s rationale
He attributed the token’s performance to its integration with an established social platform, stating, “It’s the only coin built into a real social ecosystem.” Durov also described GRAM as “still ridiculously undervalued” and suggested it belongs in the top three on CoinMarketCap.
Broader context
Despite the daily gain, GRAM remains well below its recent highs. The token is about 86% lower than its all‑time high of $8.25 reached in July 2024, down roughly 8% over the past two weeks and 21% over the past month. Over the last year, its value has fallen more than 46%.
During the same period, Bitcoin hovered below $74,000 after a 1% decline, and Ethereum slipped just above $2,000, down about 2.4%. Other major cryptocurrencies, including XRP, Solana and Zcash, also posted declines.
