Here’s why Gifto (GFT) price just went parabolic
Gifto price has just gone vertical as the gifting platform continued its evolution. GFT token surged by over 170% in the past 24 hours, according to data compiled by Binance. It jumped to a high of $0.080 as investors welcomed the new developments.
GFT listed by Binance
Gifto is a blockchain project that was launched in 2017. It operates in the gifting space, where it helps people create, store, and gift blockchain presents to friends and loved ones. Users can also send crypto gifts to charities.
The main catalyst for the ongoing Gifto price rally is the ongoing token swap. The developers started transitioning from GTO, the previous token, to GFT. GTO is an ERC token while GFT is based on Binance’s standard of BEP20.
The other catalyst for the GFT price is that Binance has completed relisting the token as part of its support for the current transition. Binance joins other exchanges that have listed GFT in the past few days. For example, MEXC listed Gifto in its Innovation Zone, making it available to thousands of people. Further, Bitget has also completed the GFT token swap and listed GFT/USDT in its AI zone.
Other exchanges like Gate.io, Bitrue, and OKX are also taking part in the token swap. Historically, cryptocurrency prices tend to do well after being listed by major exchanges like Binance and Coinbase.
Gifto staking upcoming
Meanwhile, Gifto announced that staking will start this week. In a statement last week, the developers announced that GFT holders will be able to deposit their coins and earn rewards this week. The developers are pushing their megaexpansion.
However, it is unclear whether the current rally will continue. Historically, crypto prices tend to rally for a while amid the listing momentum and then pulls back as the momentum fades.
At this moment, it is impossible to do a real quantitative GFT price prediction because it is trading for the first day in most platforms. However, I suspect that the GFT/USDT price will retreat and possibly retest the important support level at $0.050.