- Gifto (GFT) experienced a massive price rally in the early hours of Friday’s trading session.
- GFT’s bearish speculations followed a delisting announcement by Binance.
- Binance announced it would delist GFT and four other tokens from its platform.
GFT, the native cryptocurrency of the Gifto Web3 blockchain protocol, experienced a sharp price rally during Friday’s trading session. After hitting a daily low of $0.007070, GFT surged 181% to a high of $0.015191, according to TradingView data.
This surprising rally comes despite bearish market sentiment and external challenges that Gifto has faced. Notably, GFT was one of the few cryptocurrencies that did not benefit from Donald Trump’s election victory, as its price remained relatively stagnant with minimal volatility.
Binance Delisting Adds to GFT Pressure
During this period of price stagnation, Binance announced its decision to delist GFT from its platform. GFT joined other tokens, including IRIS, KEY, OAX, and REN, as part of Binance’s periodic evaluation of its listed assets.
Read also: Delisting Drama: Binance Pulls the Plug On GFT, IRIS, KEY, OAX, REN
In a blog post, Binance stated that these delistings align with its goal to maintain a high standard for its offerings. This announcement fueled speculation of potential selloffs for affected cryptocurrencies, including GFT, adding to the bearish sentiment.
Market Makers Suspected in GFT Price Rally
Friday’s GFT price surge surprised many traders and analysts, some of whom suspect Market Makers’ influence in the event. However, the overall projection remains bearish for GFT, as highlighted on Coincodex, a market data analysis and prediction platform.
Coincodex data projects a significant decline for GFT next month, which would see the price drop to $0.007299 by December 29, 2024. In the meantime, GFT traded for $0.013916 at the time of writing after recovering from a notable decline in the past three days.
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