Gram (GRAM), the token that was renamed from Toncoin in June, slid about 6% on November 13, giving back most of a rally sparked by Telegram founder Pavel Durov’s claim that the asset could eventually rank among the three largest cryptocurrencies by market value.

The token traded around $1.12 to $1.15 after touching roughly $1.26 earlier in the week, according to market data cited by coinmarketcap. The retreat followed a rebound from about $0.99 on November 9, when a broad crypto sell-off pushed GRAM to its weakest level since 2022.

Durov made his case in a November 10 post, describing GRAM as “ridiculously undervalued” and arguing that its place inside a major social platform gives it an edge over rival digital assets. He pointed to the…