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FollowingCore Points
Telegram plans to launch a native unmanaged Gram wallet for more than 1 billion users this summer.
GRAM prices rose 8% at one point, hitting an intraday high of $1.55, and were trading at around $1.52 as of writing.
The TON network has 1.78 million monthly active wallets, while Telegram has 1 billion monthly active users.
Transactions within the wallet will be instant and free, and users will keep their own private keys without trusting the operator.
Telegram will launch native Gram wallets to 1 billion users-Gram up 8%
"We are bringing native unmanaged Gram wallets to every Telegram app!" Durov wrote in the post and called the launch the largest unmanaged cryptocurrency wallet promotion in history. The announcement attracted more than 377,000 page views within an hour of its release.
Pavel Durov announced Telegram unmanaged wallet.
GRAM rose 8%, remaining at 6.5%
Token prices were re-priced within an hour. TradingView hourly data showed that GRAMs broke through the two-week bottom of about $1.43, hit an intraday high of $1.55, an increase of about 8%, breaking through the candle chart to the highest hourly volume in several weeks, exceeding 144,000 GRAMs. At the time of writing, GRAM was trading at close to $1.52, with early buyers taking some profits when prices soared, keeping the increase at about 6.5%.
The Gram hourly chart shows a price breakthrough.
A candle chart has regained the 50-hour and 100-hour moving averages that have suppressed the rally since early July, and prices are now testing the long-term moving average of around $1.52 from above. The hourly RSI indicator is at 75, which is in overbought territory, which usually means that prices will enter a sideways consolidation rather than continue to rise immediately. If the just-recovered range of US$1.44 to US$1.46 can be held, the breakthrough structure remains intact; if it falls back below US$1.43 before the announcement, it may mark that the rally has once again become a flash in the pan.
Fifth step in MTONGA's plan
Launching wallets is a reasonable next step in Durov's seven-step "Make TON Great Again" roadmap. As of July, there were still three steps in the roadmap that had not been made public. The steps that have been disclosed include: Achieve a 10-fold increase in sub-second final confirmation; cut fees sixfold to approximately US$0.0005 per transaction and promise to achieve completely free transfers in the next step;Telegram replaced the TON Foundation as the largest verifier on the network; and In June, the name change of Toncoin to Gram-according to The Block, the name change passed a community vote with 81.22% support and took effect on June 15, without a token replacement. In addition, the wallet also expands payment advances since the launch of TON Pay in Telegram Mini programs in February.
Distribution is never a problem
This announcement aims to solve the problem of activation gaps. When CoinShares set the benchmark price for GRAMs at $3.50, the TON network had only 1.78 million monthly active wallets, compared with 1 billion monthly active users for Telegram. Research director James Butterfield has warned that the best user funnels in the cryptocurrency space still need to prove that people can actually trade. This warning was quickly verified: As stated in our previous analysis of the reasons for the fading of the RAM hype, before this week's rally, the token had fully given up all the gains caused by Telegram's takeover of the network.
The confirmation signal is usage, not price. If the summer promotion covers all user groups, the number of monthly active wallets must increase significantly by the end of the third quarter; if the number remains around 2 million and token prices fall back below $1.43, skeptics will continue to have the upper hand. The more recent test will come on July 27, when the planned unlock of 2.8 million GRAM will increase supply for the rising market.
