Gifto coin plummeted by 64% following revelation that founders of the Gifto wallet minted 1.2 billion tokens post Binance de-listing.
In the realm of cryptocurrency, the price and market performance of various tokens continue to be a topic of interest for investors and enthusiasts alike. One such token, Gifto ($GFT), has recently experienced fluctuations in its value.
Gifto, a platform launched in 2017 for creating, sending, and sharing blockchain gifts, made headlines in 2020 as the first project on the Binance launchpad. The GFT tokens were distributed across several exchanges, including Kucoin, MEXC, and HTX, with 19 wallets receiving the tokens in total [1].
However, it's important to clarify that, as of the current information available, there has been no new minting of tokens for Gifto or the other tokens mentioned in this article, IrisNet ($IRIS) and SelfKey ($KEY).
Recent developments in Gifto's market performance show a decline from Tuesday's high. The GFT token price fell from approximately $0.017 to its current price of $0.0061 [2]. This decline is not in isolation for the mentioned tokens, as both IrisNet and SelfKey have also seen significant drops, with IrisNet declining by 56% and SelfKey falling by 50% from their respective Tuesday highs.
The transaction volume of the GFT token was previously at $8.6 million on Tuesday, but it has since seen a significant spike to $72.34 million in the past 24 hours [3]. This surge in transaction volume has contributed to a temporary boost in the market capitalisation of the GFT token, which momentarily rose to $20.65 million. However, the market capitalisation has since pulled back to about $13.65 million as of Thursday [4].
It's worth noting that the total supply of GFT tokens has not been doubled or significantly increased. The total supply is fixed at 1.02 billion tokens, with the current circulating supply being close to this cap at approximately 999,271,532 tokens [2]. This means that the market capitalization and transaction volume primarily depend on the token price and the circulating supply, with no reported notable changes caused by supply adjustments [2][5].
Gifto's evolution over the years has seen the company expand its product offerings to include Web3 wallet services, token swaps, and staking. Gifto's gifts can take various forms, including NFTs, e-cards, PFPs, generative art, or red envelopes [6].
As for the future, Binance has announced it will be delisting the GFT token on December 10, 2024, along with IrisNet ($IRIS) and SelfKey ($KEY) [7]. This decision may have further implications for the market performance of these tokens in the coming months.
References: 1. Binance Launchpad Projects 2. CoinMarketCap Gifto (GFT) 3. CoinGecko Gifto (GFT) 4. CoinMarketCap Market Cap Rankings 5. CoinMarketCap Gifto (GFT) Historical Data 6. Gifto Official Website 7. Binance Delisting Announcement
- The web3 industry has been abuzz with news about the recent fluctuations in the price of Gifto's ($GFT) tokens, a blockchain gift platform launched in 2017, which has seen a significant drop from Tuesday's high, falling from around $0.017 to its current price of $0.0061.
- Interestingly, despite the declines in GFT, IrisNet ($IRIS) and SelfKey ($KEY) tokens, all of which made headlines in 2020, there has been no new minting of tokens for any of these projects, as previously distributed tokens remain the only ones in circulation.
- As financial analysts evaluate the future of Gifto and other affected tokens, the upcoming delisting of GFT, IrisNet, and SelfKey by Binance on December 10, 2024, is likely to have further implications for their market performance in the coming months, as the technology landscape of the NFT and cryptocurrency are continually evolving.
