From 24/7 Wall St. · Sam Daodu · · 1m 30s
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.
In brief
Telegram created 700,000 crypto wallets in 48 hours but Toncoin price fell 12.4% in a week. Telegram's 700,000 new self-custodial wallets created in 48 hours did not lift Toncoin price despite a 12.4% weekly drop. Originally reported by 24/7 Wall St..
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.
Here's the gist
Telegram's 700,000 new self-custodial wallets created in 48 hours did not lift Toncoin price despite a 12.4% weekly drop.
