# Telegram Wallet Surge Fails to Lift Toncoin

> Telegram created 700,000 crypto wallets in 48 hours but Toncoin price fell 12.4% in a week.
- Title: Telegram Wallet Surge Fails to Lift Toncoin · 24/7 Wall St.
- Summary: Telegram created 700,000 crypto wallets in 48 hours but Toncoin price fell 12.4% in a week.
- Keywords: telegram, toncoin, gram, crypto wallets, wallet creation, price drop, cryptocurrency, ton network, self-custodial wallets, cryptocurrency price, 24/7 Wall St.
- Source: 24/7 Wall St. — https://247wallst.com/investing/cryptocurrency/2026/11/09/telegram-opened-700000-crypto-wallets-in-48-hours-and-toncoin-still-fell-12-in-a-week-why-isnt-the-price-following
- Author: Sam Daodu
- Published: 2026-11-09T20:29:54+00:00
- Read time: 1 min
- Topics: telegram, toncoin, gram, crypto wallets, wallet creation, price drop, cryptocurrency, ton network, self-custodial wallets, cryptocurrency price
## Telegram Wallet Surge
Telegram founder Pavel Durov announced more than 700,000 self-custodial wallets created within 48 hours.

> a wallet activates the moment someone receives Grams
## Toncoin Price Drop
Gram fell 12.4% over the past week, closing at its lowest level of the past year on November 8.
## Wallets Without Funds
Newly created wallets hold zero Grams and require token transfers to become active.
## Market Context
Bitcoin fell 3% while Gram dropped 12.4% in the same week, exceeding broader market declines.
## Futures Activity
TON futures volume surged tenfold by November 3 without boosting spot market price.
## Price Downtrend Signals
Gram’s 20-day moving average is 12% above price, signaling an ongoing downtrend.
## Price Floor Uncertain
Toncoin price may not reach a floor until new wallets hold tokens and recover from $1.
## Market Conditions
Total value locked in TON dropped sharply from 2024 peak, with Gram trading 87% below all-time high.
## Historical Disconnect
Similar wallet surges previously failed to lift prices, like U.S. bank adding Ripple’s stablecoin without XRP moving.
## Price Recovery Conditions
Gram needs to hold around $1 and recover to 20-day average for new wallets to lift price.
## Key takeaway

Telegram's 700,000 new self-custodial wallets created in 48 hours did not lift Toncoin price despite a 12.4% weekly drop.