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Gitfo’s Founders Mint Billions of GFT After Binance Delists Web3 Wallet’s Token
Gitfo (GFT) founders minted billions of new tokens are being faced with a Binance delisting.
What to know:
- Gitfo founders minted 1.2 billion new tokens after Binance announced a delisting, more than doubling the supply.
- The token is down by 55% in two days as demand failed to keep pace with the new supply.
- The freshly minted tokens were deposited to Kucoin, MEXC, HTX and other exchanges.
As a seasoned researcher and cryptocurrency enthusiast with over a decade of experience in this dynamic field, I find myself both intrigued and disheartened by the recent events surrounding Gitfo (GFT). The swift actions taken by the GFT founders to mint billions of new tokens following Binance’s delisting announcement is a classic case of supply-side manipulation that has become all too common in the crypto world.
After Binance revealed its decision to remove Gifto’s asset from circulation on Tuesday, the creators of the web3 wallet proceeded to mint 1.2 billion GFT tokens. This sudden increase in supply led to a steep drop of about 55% in the value of GFT over the last two days.
Freshly issued tokens were subsequently transferred to multiple trading platforms, resulting in a surge in daily trading volume from $8.6 million on Tuesday to an impressive $66 million over the past 24-hours. According to ZachXBT’s examination, these tokens were dispersed among 19 wallets spread across seven different exchanges.
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Because the supply was growing quickly, the market value of the project temporarily jumped from $11 million to $20 million on CoinMarketCap, but then dropped back down to $16 million when the price of GFT kept going down, due to a persistent fall in its value.
On Gifto’s social media platforms, there has been no activity following their delisting, and at this time, they have yet to provide a response to CoinDesk’s inquiry about the matter.
Oliver Knight
In April 2022, Oliver Knight became a news reporter for CoinDesk. Prior to this role, he served as Chief Reporter at Coin Rivet for three years. After earning his journalism degree from Birmingham City University, Knight worked with multiple sports publications before delving into the realm of Bitcoin in 2014. It’s worth noting that Oliver does not own any cryptocurrency.
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2024-11-28 11:04