TON price pumps after Telegram CEO says token will be renamed to Gram

Years later Abandoning its crypto network plans Facing regulatory scrutiny, Telegram has taken control Open network– It is now planning to adopt the original planned name of the Toncoin token (TON).

On Monday, Telegram CEO and co-founder Pavel Durov wrote on his official channel that Toncoin will be renamed to Gram, which was the original name proposed for the original Telegram token before the project was canceled and taken over by community developers.

“gram “It was the original name of the TON coin in the first whitepaper,” he wrote. “We are returning to our roots – and starting a new chapter. This rebranding will set the stage for what comes next.”

Durov said the open network will retain its TON branding, despite the token name change, and that the process will take about three weeks. He described it as the final step in a process he called “Make TON Great Again.”

Arguably the biggest previous move was Durov’s announcement in May that Telegram itself would “(replace) the TON Foundation as the driving force behind TON and (become) its largest auditor.” The network also reduced transaction fees and boosted the block rate to process transactions more quickly.

The market appeared to respond positively to Durov’s announcement, with the price per ton jumping more than 13% in the last day to a recent price of $2.12. It rose to $2.26 earlier in the day.

At the current price, TON is up about 58% in the past month, but is still down about 74% from the peak price of $8.25 set in 2024 during the Telegram cryptocurrency gaming craze that produced short-lived hits like Hamster Kombat and Not a currency.