The Toncoin ($TON) community has approved a Telegram-backed proposal to rename the network’s native token. As a result of the vote, the native token known as Toncoin will be renamed “Gram”, while its ticker will change from “$TON” to “GRAM”.
The price of Toncoin ($TON) surged after Pavel Durov announced plans to rename the blockchain's native cryptocurrency to Gram. Over the past 24 hours, the token climbed from $1.89 to $2.26, gaining 19.5%.
This week, Toncoin (TON) became one of the best-performing cryptocurrencies as the asset’s price more than doubled. According to CoinGecko data, TON traded around $1.34 on May 2, while its intraday high on May 9 reached $2.67.
Toncoin, the native cryptocurrency of The Open Network, a layer-1 blockchain protocol, currently leads in transaction finality speed. According to results from a recent test, transactions using Toncoin require only 0.6 seconds to become immutable and irreversible, compared with Bitcoin, which has a time-to-finality (TTF) of one hour.
Toncoin continued its strong recovery this week after buyers pushed the asset through several major resistance zones. The rally followed months of sideways trading and weak momentum around the $1.30 area. However, market sentiment shifted rapidly after TON reclaimed key moving averages on the 4-hour chart.
The price of Toncoin surged 32% to $2.89, marking a 110% increase since Telegram founder Pavel Durov announced a major strategic shift and a sixfold reduction in network fees.
Over the past seven days, the price of every cryptocurrency among the top 100 largest by market capitalization showed growth. Bitcoin and Ethereum rose by 6% and 4%, surpassing the $82,000 and $2,400 marks respectively, while some major altcoins increased by as much as 80% during the same period.
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