Telegram founder Pavel Durov is facing renewed criticism as GRAM, The Open Network’s token, slides below a closely watched price level again. The setback has sharpened questions about whether Telegram’s audience can translate into lasting demand for its blockchain and crypto network.
The tension became more visible on Monday, as Durov celebrated wallet growth while GRAM’s market performance again disappointed investors.
Meanwhile, as of press time, GRAM is trading at $1.03, according to CoinGecko data.
GRAM’s Declining Price Fuels Backlash Against Durov
GRAM’s fall below $1 became another flashpoint for holders unsettled by the distance between today’s price and its previous record. The token reached an all-time high near $8.24 in June 2024, leaving it roughly 87% below that record today. That decline has made every fresh drop harder to dismiss, particularly for investors who bought into earlier optimism surrounding Telegram.
Criticism has focused not only on the chart, but also on the gap between ambitious promises and everyday network activity. One critic questioned Durov’s leadership and the ecosystem’s direction, arguing technical claims mean little if users see limited practical value.
The backlash also reflects frustration with Telegram’s growing influence over a blockchain once presented as a community-led project and network. Telegram stepped away from its blockchain effort in 2020 after US regulatory action, but independent developers kept the network alive.
Now known as The Open Network, it later became closely associated with Telegram after Durov announced a more direct role. That renewed involvement raised expectations, yet critics argue stronger branding has not automatically produced stronger token demand among longtime holders.
Telegram Records 700,000 New Wallets Despite GRAM’s Weak Performance
Against that market backdrop, Durov announced that Telegram added more than 700,000 self-custodial wallets among users in just 48 hours. His recent post revealed a total of 714,844 registrations, including 329,952 recorded on that day alone, attributing this growth to the wallet’s automatic activation feature.
This feature automatically creates a wallet for users when they receive GRAMs, eliminating the need to set up a wallet before accepting digital currency. This could make crypto more accessible for Telegram users who might not otherwise download a separate wallet app.
Durov described these figures as evidence of rising adoption, emphasizing that the crypto revolution remains strong despite current market challenges. However, creating wallets does not necessarily mean these accounts are active, funded, or regularly used across the broader network.
Chris Lion | November 9, 2026
Jonathan Agozie | November 9, 2026
