Toncoin (TON) surged roughly 11% on Monday, breaking above $2.30 during the session before paring gains. The rally followed an announcement from Telegram CEO Pavel Durov that the network's token will revert to its original name, "Gram," over a three-week transition period.
Durov described the move as a return to the network's roots, stating that "Gram was the original name of TON's currency in the first white paper." He framed the rebranding as "step 4 of 7 to Make TON Great Again," referencing a broader roadmap disclosed in his personal Telegram channel since May. Durov assured holders that the blockchain will remain called TON and that no action is required from users, validators, or DeFi integrations during the transition. Existing TON balances will trade under the GRAM ticker once exchanges and wallets update.
The price jump reflects renewed market interest in the TON ecosystem, though no on-chain data on TVL changes or trading volume was provided in the source. The move comes amid ongoing regulatory scrutiny of Telegram's previous attempt to launch a blockchain and token, which was halted by the SEC in 2020. Durov's current approach appears designed to avoid triggering securities classification by emphasizing the network's decentralized structure.
With a reported market cap of approximately $5.7 billion before the rally, TON ranks among the top 15 cryptocurrencies by market capitalization. The token's correlation with Bitcoin and Ethereum has remained moderate, making this price action largely driven by protocol-specific news rather than broader market movements.
Community reaction has been mixed, with some praising the nostalgia of the original Gram name while others question the substance behind the rebrand. Critics note that without concrete product updates or expanded DeFi integrations, the name change alone may not sustain long-term price momentum.