The Open Network community voted to rename its native token from Toncoin to Gram, but this decision has not halted the token’s recent selling trend.
GRAM Vote Passes 79%, but Toncoin Price Keeps Falling
This proposal is the fourth step in Telegram’s “Make TON Great Again” campaign. It passed with 79.125% support, as 2.28 million TON from 3,770 wallets voted in favor, while 586,660 TON from 978 wallets voted against. Only 0.4971% abstained. Voting power was based on a snapshot taken on May 31.
Gram is not a new name, as it was first used in the 2018 whitepaper. Telegram says the network now runs about 10 times faster, with fees reduced by about 6 times, and that there is a clearer distinction between TON, the blockchain, and Gram, the token.
The team emphasized that this is only a name and ticker change. There is no swap, migration, or claim involved. They also warned that any website asking users to ‘migrate TON to GRAM’ is a scam.
TON Coin Hugs Channel Floor With $1.20 Support in View
Toncoin price has not reacted to the rebrand news. It opened near $1.65 today but is now trading near its daily low. At the time of writing, Toncoin’s price is at $1.52, down 13.31% for the week. The token spike to $2.20 after the June 1 announcement has now been completely reversed.
TON fell 10.54% in 24 hours, making it one of the five biggest losers of the day. Zcash dropped the most at 40.94%, followed by Injective (down 16.82%), Near Protocol (down 14.09%), Cardano (down 13.80%), and LayerZero (down 13.45%). This suggests the drop was also part of a wider altcoin selloff, not just a reaction to the rebrand.
The decline happened as trading interest faded. Trading volume dropped 37.4% to $282.88 million, resulting in a 6.86% volume-to-market-cap ratio. Sellers were in control, but the drop was gradual rather than a panic sell.
The technical picture leaves little room for ambiguity. On the 4-hour chart, Toncoin (TON) is trading in a downward channel from its early May high near $2.88, staying close to the lower edge. The next key level to watch is the $1.20 base, which was major support from February to April.
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