The token of a rather little-known altcoin project in the market has entered the top 50 in the crypto rankings today. Apart from the incredible momentum in small-volume tokens today, there are some reasons for this move. However, the price slide to the bottom as it rises brings to mind the ‘pump-dump’.
GTO to GFT conversion
Gifto was launched in 2017 with its native token GTO. But it created the GFT token as part of its rebranding efforts in 2023. The virtual gifting platform looks to be revived in 2023 after a $2.5 million investment from Poolz Ventures. The investment agreement will enable Gifto to advance its product offering with additional marketing support from Poolz.
Gifto said it needs to re-create its own token to support its new product line. As a result, it announced a token swap from Ethereum-based GTO to BNB alternative GFT. The new GFT token will support Gifto’s staking and charity program. Meanwhile, Gifto will allocate approximately 0.5% of annual inflation tokens for donations through Binance Charity.
Relisting has been effective for altcoin
Leading exchanges including Binance and Bitget supported Gifto’s move to replace all GTO tokens with GFT tokens on a 1:1 basis. Binance and Bitget announced on February 8 that their platforms will no longer support GTO tokens. However, deposits and withdrawals are open for GFT tokens.
Similarly, MXC said that it will list the GFT/USDT trade pair in the innovation zone from February 8th. Following the listing announcements, Gifto’s new token, GFT, rose from $0.04 to $1.99 yesterday. However, the altcoin then bottomed out as quickly as it came. At press time, GFT is trading at $0.1371, down 91.1% on a daily basis. On the other hand, the increase in the last 7 days is 370%.
Why did the enigmatic altcoin project explode?
cryptocoin.comAs you follow, the days of huge speculative increases in digital assets are clearly not over. Yesterday, the biggest move in the crypto world was Gifto (GFT) by a wide margin. This little-known altcoin has seen a massive 50x gain on the day. In this move, overnight this little-known crypto broke into the top 50 crypto rankings by market cap. Yesterday, this token was trading at its lowest level below $0.04. Thus, at its current price of $1.60 per token (and 1 billion coins in circulation), this project went from a market cap of around $30 million to $1.6 billion in just a few hours.
Gifto is allegedly a web3 gifting platform that aims to be a hub for Blockchain-based donation. This project has since been adding new features, pushing what it calls a ‘mega-expansion plan’ that includes various staking and philanthropic initiatives, and offers a web3 wallet and a marketplace for content creators to convert into Non-Fungible Tokens (NFTs). Crypto expert Chris MacDonald comments on this enigmatic altcoin:
Gifto’s token swap is old news. It happened more than three weeks ago. And while the altruistic aims of this project are certainly noteworthy, it’s not entirely clear why this token is soaring so fast today. The mega expansion plan definitely sounds great. However, many other projects in this sector are not much different from the roadmap. As such, it’s currently unclear what really drives the boat with this token.
What will happen now?
The expert continues his evaluations in the following direction. What is particularly confusing about this move is the relatively flat nature of the crypto market yesterday. Accordingly, the large-scale moves seen by various small-volume tokens (which Gifto can no longer categorize) more than make up for the megacap token drops. In a way, much of the speculative enthusiasm seen in the stock market seems to be pouring into alternative asset classes like crypto. This is great for these more speculative tokens.
I have no idea how far this token can go from here. So far, GFT has reached $2 per token today. This means a 50x profit for traders who buy at $0.04 and sell at $2. However, it is important to keep in mind that such tokens are ‘pump-dump’.
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