Quick take:
- The mint more than doubles the GFT token’s total supply to 2.24 billion.
- The transaction volume of the GFT token also spiked $72.34 million in the past 24 hours.
- The GFT market cap momentarily spiked to $20.65 million before pulling back to $13.65 million as of this writing.
Founders of the Web3 wallet services provider Gifto have minted an additional 1.2 billion tokens of the GFT token, more than doubling the total supply to 2.24 billion. This comes after Binance announced it will be delisting the GFT token on December 10, 2024.
According to on-chain analyst ZachXBT, the new tokens were distributed to 19 wallets across seven exchanges Kucoin, MEXC and HTX, which momentarily boosted the market capitalisation of the GFT token to $20.65 million, before pulling back to about $13.65 million on Thursday, according to CoinMarketCap data.
The transaction volume of the GFT token also rose significantly to $72.34 million in the past 24 hours, up from just $8.6 million on Tuesday.
As of this writing, the GFT token price was $0.0061 after falling from Tuesday’s high of about $0.017.
Gifto launched in 2017 as a platform for creating, sending, and sharing blockchain gifts, such as NFTs in the form of e-cards, PFPs, generative art or red envelopes. In 2020, it became the first project on the Binance launchpad.
The company has since evolved to include Web3 wallet services, token swaps and staking among its product offerings.
GFT’s huge decline in price is not in isolation. Other tokens that are scheduled for delisting from Binance alongside Gift include IrisNet $IRIS, which is down 56% from Tuesday’s highs and SelfKey $KEY, which has fallen by 50%.
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