\n<\/p>\n
\n\t\t\t\t\t\t\t\t\tDespite Durov’s confidence, GRAM remains approximately 86% below its $8.25 all-time high, leaving considerable ground to cover.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Telegram CEO Pavel Durov has said that The Open Network\u2019s native GRAM token is undervalued and predicted that it will eventually rank among CoinMarketCap\u2019s three largest cryptocurrencies.<\/p>\n
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.<\/p>\n
\u201cCrypto\u2019s a sea of red. Only GRAM is up +8%,\u201d Durov wrote<\/a> 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.<\/p>\n 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.<\/p>\n Durov attributed the performance to the token\u2019s connection to an established social platform:<\/p>\n \u201cNo surprise there. It\u2019s the only coin built into a real social ecosystem.\u201d<\/p>\n<\/blockquote>\n The Telegram founder was even more bullish about GRAM\u2019s longer-term position, declaring that it was \u201cstill ridiculously undervalued\u201d and that it \u201cbelongs in CMC\u2019s top 3.\u201d<\/p>\n 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.<\/p>\n It was just as bad with other heavyweights such as Ripple\u2019s 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.<\/p>\n Despite GRAM\u2019s daily advance, its broader performance figures paint a less optimistic picture than Durov\u2019s post portrayed. The coin is still down nearly 8% across two weeks and almost 21% lower than where it was 30 days ago.<\/p>\n Across the last 12 months, the world\u2019s #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.<\/p>\n Market conditions have also not been all smooth, as October\u2019s 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<\/a> BTC below $74,000 as expectations of another Federal Reserve rate increase intensified.<\/p>\n\n
You may also like:<\/h3>\n
GRAM Still Facing a Much Larger Recovery<\/h2>\n