Gram Rebounds After June TON Glitch

Gram Ends Q2 Higher Despite June Sell-Off

Gram (previous Toncoin) ended 23% higher in Q2, with the momentum gaining traction at the beginning of Q3. Meanwhile, it should be noted that June turned out to be a month of losses for the token, down over 20%.

TON Technical Glitch Weighs on Investor Confidence

Experts cited a blockchain technical glitch as the main reason behind the downturn. To remind, there was a synchronization failure on June 5, which led to the shutdown of the Fuse Mini-App and TON ID apps. As a result, investors were unable to access decentralized applications, and the transaction speed slowed as well.

Market-Wide Crypto Weakness Adds Pressure

Moreover, this event coincided with an overall bearish trend on the crypto market. Specifically, BTC slid 4.4% on June 5, down 20.3% in June alone. This triggered a chain reaction, with heavy sell-offs across both spot and derivatives markets. Crypto traders flagged a 10% decline in open interest across the futures market.

Toncoin Rebrands to Gram Without Token Migration

On June 15, the TON community renamed the Toncoin token as Gram, boosting its market cap. More importantly, the rebranding did not affect user balances or require any token migration.

Key Gram Price Levels to Watch in Q3

From a technical standpoint, the daily chart shows consolidation, with support seen around $1.5180. The resistance level is the 200-DMA at $1.7410.

The regression channel’s slope has so far been positive, while the overall market sentiment is neutral.