Toncoin price soars as Telegram eyes TON’s rebrand to GRAM

• Toncoin price jumped as Bitcoin revisited support below $72,000.
• Bulls took advantage of Telegram-related news of a rebrand to GRAM token to push TON above $2.27.
• If buyers dominate, Toncoin could edge past $3.00 next.

Toncoin rose by nearly 20% and touched highs of $2.27 on Monday, June 1, as traders digested a surprise rebrand announcement from Telegram’s founder.

The gains for TON came even as Bitcoin and major altcoins fell sharply amid institutional capital outflows.

BTC slid to lows near $71,380 after news that Strategy had sold 32 BTC, its first sale since 2022.

Toncoin’s uptick signalled persistent market interest in the Telegram-backed TON blockchain despite broader market weakness.

Toncoin price gains amid GRAM rebrand news

Double-digit gains in TON’s price followed an announcement that the native token of the TON blockchain will be rebranded from Toncoin to “Gram.”

The move, expected to be completed over the next three weeks, will restore a name Telegram had previously abandoned under regulatory pressure from the US Securities and Exchang...