From CryptoPotato · By Wayne Jones
Telegram CEO Pavel Durov has said that The Open Network’s native GRAM token is undervalued and predicted that it will eventually rank among CoinMarketCap’s three largest cryptocurrencies.
This was after GRAM gained about 8% on November 11, while pretty much every other asset above it, including Bitcoin and the top 10 altcoins by market cap, traded lower.
Durov Says GRAM Is the Only Coin Rising in a Red Market
“Crypto’s a sea of red. Only GRAM is up +8%,” Durov wrote in a post on X. This was accompanied by a market snapshot showing coins like LTC, AVAX, SUI, and HBAR, all losing between 1.70% and 3.57% while GRAM was trading at approximately $1.12, with an 8.65% gain and a market cap of $3.21 billion.
At the time of writing, figures from CoinGecko had the former Toncoin changing hands near $1.14, with a market capitalization of approximately $3.26 billion and a 50% jump in trading volume in the last 24 hours to reach $113 million.
Durov attributed the performance to the token’s connection to an established social platform:
“No surprise there. It’s the only coin built into a real social ecosystem.”
The Telegram founder was even more bullish about GRAM’s longer-term position, declaring that it was “still ridiculously undervalued” and that it “belongs in CMC’s top 3.”
That performance came as BTC and ETH struggled, with the former hovering below $74,000 after shaving off about 1% from its price in the last day and the latter just above $2,000, having dipped by about 2.4% over the same period.
It was just as bad with other heavyweights such as Ripple’s XRP and Solana (SOL), which had both shaved off 3.5% from their prices in 24 hours, while Zcash (ZEC) was the worst hit among the top ten, plunging by almost 12% in that time.
GRAM Still Facing a Much Larger Recovery
Despite GRAM’s daily advance, its broader performance figures paint a less optimistic picture than Durov’s post portrayed. The coin is still down nearly 8% across two weeks and almost 21% lower than where it was 30 days ago.
Across the last 12 months, the world’s #29-ranked crypto by market cap (CG) has lost over 46% of its value, keeping it about 86% below its all-time high price of $8.25 attained in July 2024.
Market conditions have also not been all smooth, as October’s US Consumer Price Index came in above expectations, with headline inflation going up by 0.4% and core inflation increasing by 0.3%, which helped push BTC below $74,000 as expectations of another Federal Reserve rate increase intensified.
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