GRAM sinks below $1 for the first time since 2022

GRAM, the cryptocurrency formerly known as Toncoin, fell below $1 on November 9 for the first time since 2022, according to market data.

The token briefly dropped to $0.99 before recovering to around $1.02. GRAM lost roughly 4% over 24 hours and nearly 30% over the past month, bringing its market capitalization down to approximately $2.9 billion.

GRAM reached an all-time high of $8.25 on June 14, 2024, amid a surge of interest in the TON ecosystem fueled by Notcoin and other tap-to-earn games on Telegram. The token has since lost nearly 88% of its value.

The latest decline follows a difficult October. On October 23, GRAM fell 11% in an hour, slipping below $1.30 for the first time since early August. Nearly $5.8 million in long positions were liquidated across exchanges that day. No specific catalyst has been identified for the latest drop.

Toncoin was renamed GRAM on June 15, 2026, following a community vote in which 81.22% of participants supported the change. The blockchain retained the TON name, and existing holders did not need to exchange their tokens.

The rebranding was part of Pavel Durov's “Make TON Great Again” initiative. GRAM briefly climbed to nearly $2.30 following the announcement, but the rally soon faded.

In late August, Telegram announced the rollout of Gram Wallet to more than a billion users of the messaging platform, as Durov's Code previously reported.