Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Gifto’s GFT Token’s 181% Rally Raises Questions About Market Maker Influence

Gifto’s GFT Token’s 181% Rally Raises Questions About Market Maker Influence

CoinEditionCoinEdition2024/11/28 16:00
By:Ikemefula Aruogu

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.

  • 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.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Genius Group Ordered to Sell Bitcoin Holdings

Genius Group must sell 10 BTC due to a court order, slashing its crypto treasury and market cap significantly.Unexpected Setback for Genius GroupMarket Cap Falls Below Bitcoin ReservesConcerns About Stability and Transparency

Coinomedia2025/04/04 14:11
Genius Group Ordered to Sell Bitcoin Holdings

Ethereum Price Sees 4 Straight Red Months

Ethereum has closed four red months in a row, but long-term holders remain hopeful for a rebound.Ethereum’s Tough Streak ContinuesHope on the Horizon for Ethereum Holders

Coinomedia2025/04/04 14:11
Ethereum Price Sees 4 Straight Red Months

Nexchain Emerges as April’s Best ICO: A New Era for Blockchain

Nexchain is committed to facilitating interoperability from one blockchain to the next through artificial intelligence, allowing for cross-chain communication and operational efficienciesConclusion

Coinomedia2025/04/04 14:11
Nexchain Emerges as April’s Best ICO: A New Era for Blockchain

Bitcoin Volatility Expected as U.S. Jobs Report Looms

U.S. jobs data and Powell’s speech today could trigger major Bitcoin volatility. Here’s what to watch.What to Expect from Today’s Market MovesWhy Bitcoin Traders Are Watching Closely

Coinomedia2025/04/04 14:11
Bitcoin Volatility Expected as U.S. Jobs Report Looms