Toncoin (CRYPTO: TON) rallied on Monday after Telegram founder Pavel Durov announced that the ecosystem’s native token would be renamed from TON to its original name, Gram.
Back To Roots?
Durov announced this on his Telegram channel, saying, “We're returning to our roots — and starting a new chapter.”
Durov said that the transition will take around three weeks, while clarifying that the blockchain will continue to be known as The Open Network, or TON.
The cryptocurrency rose more than 4% in the last 24 hours, reaching a 3-week high as trading volume nearly tripled.
The move was the latest in the so-called “Make TON Great Again” roadmap, aiming to transition the network back to its founding vision by directly integrating it with Telegram.
Launched in 2018 by Durov and his brother Nikolai, the TON blockchain later saw Telegram withdraw its involvement in 2020 following a legal dispute with the SEC.
Price Action: At the time of writing, TON was exchanging hands at $2.06, up 4.01% in the last 24 hours, according to data from Benzinga Pro. The coin is up over 50% in a month.
Photo Courtesy: Skorzewiak on Shutterstock.com
Login to comment