Telegram founder Pavel Durov recently drew attention to the remarkable performance of The Open Network (TON) cryptocurrency Gram (GRAM) during the massive sell-off across the crypto space.
In his latest post on the social media platform X, Durov shared that Gram was bucking the bearish market and had risen by 8% while other major cryptocurrencies were still struggling.
“Crypto's a sea of red. Only Gram is up +8%,” the billionaire said.
The Telegram founder explained that Gram is doing better thanks to its integration with Telegram. He argues that Gram has a serious advantage over other cryptocurrencies due to its connection to an existing social media ecosystem.
The billionaire entrepreneur was extremely bullish on the future of Gram, claiming that it deserves to be among the top three largest digital assets by market capitalization.
The Telegram founder said Gram was “still ridiculously undervalued,” adding that he believes Gram will eventually get into CoinMarketCap's top three.
However, Durov's claim that only Gram is rising is not entirely correct.
Gram is currently trading around the $1.15 price level, according to CoinGecko data. Over the last 24 hours, Gram is up by 4.5%. Its market capitalization is now around $3.28 billion. It ranks 29th.
Of course, Gram is one of the best performers among major cryptocurrencies, but there are altcoins that have logged even stronger gains. For example, Bitway (BTW) is up by 18.8%. Lighter (LIT) is up by 10.8%. Internet Computer (ICP) is up by 8.2% over the last 24 hours.
Growing Gram ecosystem at Telegram
There have been some major developments in the Telegram crypto ecosystem.
For example, in June, a big change happened when the native cryptocurrency of TON officially changed its name from Toncoin (TON) to Gram (GRAM). Thus, the project restored the name that was first proposed for Telegram's blockchain project. A total of 81.22% of votes were in favor of the name change. Users don't need to swap their tokens.
Telegram is also working to increase adoption of its native self-custodial Gram Wallet to let users send crypto directly inside the messenger.
On Nov. 9, Durov said that more than 700K self-custodial wallets had been created in Telegram over 48 hours.
The Telegram founder said that it's possible to get Gram using wallet auto-activation without complex activation procedures.
There is also significant institutional interest in the ecosystem. For example, Nasdaq-listed TON Strategy said that it held about 235.1 million GRAM tokens at the end of Q3. The company reported $13.1 million in quarterly revenue on Nov. 10.