Telegram's Durov Renames TON's Native Token to Gram, Price Climbs as Much as 19% - "The Defiant"

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Telegram founder Pavel Durov said on Monday that The Open Network's native cryptocurrency will be renamed from Toncoin to Gram over the next three weeks, in a post to his personal Telegram channel that revives the 2018 whitepaper name the SEC blocked six years ago.

"TON's native currency is becoming Gram," Durov wrote. "Gram was the original name of TON's currency in the first white paper. We're returning to our roots — and starting a new chapter." Durov framed the rename as "step 4 of 7 to Make TON Great Again," the roadmap he has published through the same channel since taking over TON development from the Switzerland-based TON Foundation in May.

Toncoin climbed as high as $2.21 on Monday before paring some of the gain, a 24-hour rise of about 19% according to CoinMarketCap data on the TON/USDT pair, with 24-hour spot volume of roughly $575 million, more than double the prior session. The token had been near $1.83 before the post hit shortly after 15:48 UTC, CoinGecko data showed.