Seven hundred thousand new wallets. A one-year low. Same weekend.
That's the strange split $GRAM holders had to sit with. Telegram said 714,844 self-custodial wallets were opened in 48 hours, 329,952 of them on Monday alone. The token had just closed Sunday at its lowest level in a year.
Today the price finally reacted. Gram (formerly Toncoin) is up about 8% and sits at the top of the daily gainers list in the top 200.
📲 Why 700K wallets is a big deal, and why it isn't enough
Telegram is the reason this chain exists in most people's heads. When its wallet signups spike, the market reads it as proof the distribution engine still works.
But a new wallet is not a new user. Analyst estimates put the chain at about 282,000 active wallets per day and roughly 5 million daily transactions. Monthly active wallets sit near 2.2 million. That's around 0.2% of Telegram's user base. The gap between "opened a wallet" and "actually uses it" is the whole story here.
📊 Where $GRAM stands this morning
Price: about $1.08 - 24h: +7% to +9%, depending on the data source
Market cap: about $3.1B, ranked roughly #27 to #32
24h volume: $63M to $116M across trackers
24h range: $0.99 to $1.11
Zoom out and the bounce looks smaller. GRAM is still down about 11% on the week, around 29% on the month, and about 87% below its June 2024 peak near $8.25.
🧭 The chart, level by level
The first ceiling is $1.11 to $1.12. That's today's high and the area where the 7-day average sits. A daily close above $1.12 would open a path to the 20-day average near $1.16, then the weekly high around $1.20.
Below, $1.00 is the line that matters. It's a round number and Monday's swing low. Today's low printed near $0.99. If that breaks, the yearly low is gone and the bounce is erased.
Daily RSI was near 24 on Monday. That's deeply oversold, and bounces from there are common. They don't make a trend on their own.
Futures add a twist. Perpetual open interest is about $131M, and funding is slightly negative (around -0.027% per 8 hours). Shorts are paying longs. That can fuel a squeeze, but it also tells you most traders still lean bearish.
✅ Working in its favor
Telegram distribution is still unmatched in crypto
Wallet signups prove the onboarding funnel works
Shorts are crowded, so sellers may already be in
⚠️ What could bite
On-chain TVL is about $42.9M, down from $92M in May
DEX volume is only about $2.7M a day
36.58M $GRAM (about $41M to $43M) unlocks on Nov 22
A larger release of 1.08B GRAM is scheduled for February 2027
🔀 Three paths into the unlock
🟢 Daily close above $1.12: room toward $1.16, then $1.20.
⚪ Holds $1.00 but stalls under $1.12: a range until the Nov 22 unlock.
🔴 Loses $0.99: fresh one-year lows, and today's move becomes a dead-cat bounce.
💬 What people keep asking
Is it still Toncoin? Same network, new name and ticker. Many apps still show TON.
Did the wallets cause the jump? Partly. The whole market was green this morning, with most coins up. GRAM just led it.
What's the next date to watch? Nov 22, when about 36.6M GRAM unlocks.
Will Telegram's wallet wave show up in real on-chain activity before Nov 22, or does the price fade first? 👇
Educational content, not financial advice. DYOR.