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.
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.
