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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.
Nov 28, 2024, 7:47 a.m.
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.
The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.
The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by ZachXBT shows that the tokens were distributed to 19 wallets across seven exchanges.
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Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to CoinMarketCap.
Gifto's social media channels have remained silent since the delisting and the team did not immediately respond to CoinDesk's request for comment.
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The annual Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but bitcoin treasury company Strategy hung onto its spot.
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