Telegram founder Pavel Durov recently highlighted the performance of The Open Network cryptocurrency Gram (GRAM) during a widespread market sell-off. In a post on the social media platform X, Durov noted that Gram rose by 8% while other major cryptocurrencies struggled in a declining market.
Durov attributed Gram's resilience to its integration with the Telegram messaging platform, arguing that this connection to an existing social media ecosystem gives the digital asset a significant advantage. The entrepreneur expressed an optimistic outlook for the cryptocurrency, asserting that it is undervalued and belongs among the top three digital assets by market capitalization.
According to CoinGecko data, Gram has traded around the $1.15 price level with a market capitalization of approximately $3.28 billion, ranking 29th. While Gram outperformed many major cryptocurrencies during the period, other altcoins also logged gains, including Bitway up by 18.8%, Lighter up by 10.8%, and Internet Computer up by 8.2% over a 24-hour window.
Ecosystem Developments and Adoption
The Telegram crypto ecosystem has seen several structural changes and adoption milestones. In June, the native cryptocurrency of TON officially changed its name from Toncoin (TON) to Gram (GRAM) following a community vote in which 81.22% of participants favored the change, requiring no token swaps for users.
Telegram has also worked to drive adoption through its native self-custodial Gram Wallet, which allows users to send crypto directly within the messenger application. On Nov. 9, Durov reported that more than 700,000 self-custodial wallets had been created within Telegram over a 48-hour period using wallet auto-activation procedures.
Institutional interest has also emerged around the network. Nasdaq-listed TON Strategy reported holding approximately 235.1 million GRAM tokens at the end of the third quarter, alongside $13.1 million in quarterly revenue reported on Nov. 10.
