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The cryptocurrency Gram (GRAM), which returned to its historic name as part of a major rebranding of the TON ecosystem, is showing a local rally amid a broader market revival.
At the time of writing, the price of the GRAM token, previously named Toncoin, has already climbed from $1.56 to a local peak above $1.71, and it is currently holding around $1.65–$1.67, securing the asset in the top 20 largest cryptocurrencies on CoinMarketCap with a total market capitalization of $4.49 billion.
The current jump is explained by the fact that this ticker now carries an old and familiar brand for the market. It was under the name Gram that Pavel Durov and the Telegram team raised a record $1.7 billion in 2018 to build the Telegram Open Network blockchain.
However, in 2020, due to heavy pressure from the U.S. regulator the SEC, the project had to be shut down in its original form, and Durov returned the money to investors. The blockchain was then taken over by an independent community of developers, who continued developing it for years under the Toncoin and The Open Network brand.
Binance and Hyperliquid step in for GRAM
The return to the Gram name years later has become an extremely convenient marketing move for attracting new liquidity. In a rising market, such speculative narratives work as a strong catalyst for buying, and the momentum was immediately reinforced by larger centralized and decentralized venues — Binance and Hyperliquid, respectively.
Binance, the world's largest crypto exchange, quickly opened spot pairs with USDT, USDC, and FDUSD, while also launching futures contracts. Meanwhile, the DeFi platform Hyperliquid added leveraged contracts at the community's specific request.
As a direct result, global traders received a working combination of a strong bullish backdrop, a loud news catalyst, and immediate access to trading on key platforms.
U.Today Editorial Team
Dan Burgin
