Gram Holds $3.28 Billion Market Cap as Telegram Wallets Expand

By Nathan Brooks

Gram, the native cryptocurrency of the TON blockchain associated with Telegram, traded around $1.15 over the preceding 24 hours, gaining 4.5% to carry a market capitalization of approximately $3.28 billion and a rank of 29th, according to CoinGecko data.

Telegram founder Durov attributed Gram’s relative resilience to its integration with Telegram, arguing that an established social-media ecosystem gives the token a serious distribution advantage over cryptocurrencies without one. Gram was among the stronger major-cryptocurrency performers, although it did not lead the 24-hour comparisons cited in the report.

Bitway (BTW) gained 18.8%, Lighter (LIT) rose 10.8%, and Internet Computer (ICP) added 8.2% over the same period. Those results make Durov’s description of Gram as the only bright spot inaccurate, even if Gram remained a positive performer among major digital assets.

Durov nevertheless said Gram was "still ridiculously undervalued." He believes the token will eventually enter CoinMarketCap’s top three and said it deserves a place among the three largest digital assets by market capitalization. From the reported $3.28 billion valuation, either ranking would require material appreciation rather than merely preserving the 4.5% 24-hour gain.

A token rename without migration

In June, TON officially changed the name of its native cryptocurrency from Toncoin (TON) to Gram ($GRAM), restoring the name first proposed for Telegram’s blockchain project. The proposal passed with 81.22% of votes in favor. Users did not need to swap their tokens, so the rebrand did not impose a conversion process on holders.

The more consequential change is the push to make Gram usable inside Telegram. The company is seeking wider adoption of its native self-custodial Gram Wallet, which lets users send cryptocurrency directly within the messenger. That distribution places the token inside an established communication workflow rather than leaving adoption dependent solely on dedicated crypto applications.

What does the Telegram integration change for users?

It reduces operational friction at the point of receipt and transfer. Durov said users can obtain Gram through wallet auto-activation without complex activation procedures, while the self-custodial structure keeps asset control with wallet holders rather than an intermediary. For users, the practical change is access to Gram within the same messaging interface used for communication.

The scale of onboarding is the more material signal. On Nov. 9, Durov said more than 700,000 self-custodial wallets had been created in Telegram over 48 hours. Wallet creation is not the same as active use, however: the figure does not establish how many wallets received assets, how often users transacted or what share remained active after the initial setup window.

Institutional exposure is growing

Nasdaq-listed TON Strategy said it held about 235.1 million GRAM tokens at the end of Q3, providing a sizable disclosed holding in a token with a reported $3.28 billion market capitalization. The company also reported $13.1 million in quarterly revenue on Nov. 10, but the available information does not attribute that revenue specifically to Gram.

Because the June rename required no token swap, the next market-structure test is whether the November wallet surge converts into repeat transfers and deeper liquidity rather than remaining a one-time onboarding spike. That outcome will determine whether Telegram’s distribution advantage becomes durable demand or remains primarily a rapid wallet-registration count.