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Gifto’s (GFT) price surged in the early trading hours of Friday.
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GFT’s bearish speculations were a response to Binance’s delisting announcement.
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Binance has announced that it will delist GFT, along with four other tokens, from its platform.
GFT, the native currency of the Gifto Web3 protocol, experienced a sharp rally in price during Friday’s session. TradingView data shows that after hitting a low of $0.007070 on a daily basis, GFT soared 181% to reach a high of $1.015191.
This unexpected rally comes despite the bearish market sentiments and external challenges Gifto has faced. GFT was notable as one of the few cryptos that did not benefit from Donald Trump’s election win, with its price remaining relatively stable and minimal volatility.
Binance delisting adds to GFT pressure
Binance announced that it would delist GFT during this period of price stagnation. GFT was included with other tokens such as IRIS, KEY OAX and REN in Binance’s periodic review of its listed assets.
Read Also: Delisting Drama – Binance Pulls The Plug On GFT IRIS KEY OAX REN
Binance wrote in a blog that the delistings are in line with its goal of maintaining a high standard of its offerings. This announcement fueled speculation about potential selloffs of affected cryptocurrencies including GFT. It also added to the bearish sentiment.
Market Makers Suspected for GFT Price Rally
Many traders and analysts were surprised by the GFT price surge on Friday. Some suspect Market Makers of being behind it. Coincodex, an analysis and prediction platform for market data, has highlighted that the overall forecast remains bearish.
Coincodex data predicts a significant drop in GFT’s price next month. The price would fall to $0.007299 on December 29, 2024. GFT was trading at $0.013916 as of the time of this writing, after recovering from an important decline in the last three days.