Binance delisted five altcoins: What's happening with Gifto?

user avatar

by Giorgi Kostiuk

2 years ago

The world's largest cryptocurrency exchange, Binance, announced the delisting of five altcoins, including Gifto. This event triggered unexpected consequences.

Binance Announcement

Yesterday, Binance, the world’s largest cryptocurrency exchange, announced the delisting of five altcoins, among which was the Gifto token (GFT). This decision was met with surprise not only by token holders but also by the teams of the altcoins mentioned in the list.

Gifto Team Actions

Following the delisting announcement, the Gifto team swiftly took action. Shortly after the news, 1.2 billion new GFT tokens were minted on the Binance Smart Chain (BSC). According to blockchain security expert ZachXBT, this event more than doubled the total supply of Gifto tokens. These tokens were then deposited on various exchanges such as Kucoin, MEXC HTX, Bitget, Binance, OKX, and Gate.

A few hours ago, the Gifto team minted another 1.2B GFT, which more than doubled the total supply.ZachXBT

Market Reaction

Following Binance's announcement, the price of GFT started to decline and is currently traded at $0.006, representing a 42% decrease. Such actions as the creation of new tokens have raised concerns among market participants, which likely contributed to the significant drop in the token’s price.

The delisting of five altcoins from Binance, along with subsequent actions taken by the Gifto team, has created tension in the market. Investors are closely monitoring the developments and assessing the implications of these changes.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Bank Policy Institute Critiques Stablecoin Regulation

The Bank Policy Institute has renewed its criticism of the Office of the Comptroller of the Currency's final stablecoin rule, particularly regarding the treatment of third-party arrangements.

user avatarZainab Kamara

Kraken Introduces SFI Trading on October 23

On October 23, Kraken announced the addition of SFI trading, providing fresh access to a token associated with the Saffron protocol, which has undergone significant changes since its early DeFi days.

user avatarAyman Ben Youssef

Kraken Exchange Announces Withdrawal Phase for 13 Assets

Kraken has officially moved into the withdrawal phase for 13 assets, with trading and deposits set to stop on October 23, 2023. Customers are urged to withdraw their remaining tokens before the exchange begins liquidating balances.

user avatarTando Nkube

Cardano's Leios Scaling Plan Unveiled

Cardano has unveiled a detailed roadmap for its Leios scaling plan, targeting significant increases in transaction capacity with a staged approach for adjustments based on real-world performance.

user avatarKofi Adjeman

Cardano's New Scaling Test Reveals Key Performance Metrics

A recent report by Input Output highlights the performance improvements of the Cardano scaling test, focusing on throughput and completion time.

user avatarSatoshi Nakamura

Crypto Market Declines Following Global Selloff

The crypto market faced a significant decline over the weekend, with Bitcoin falling 11%, Ethereum dropping 26%, and Solana decreasing by 28%, following a global market selloff.

user avatarNguyen Van Long

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.