GFT Price Surges 181% Despite Bearish Market Sentiment and Binance Delisting, Market Makers Suspected

GFT, the native cryptocurrency of the Gifto Web3 blockchain protocol, experienced a sharp price rally during Friday's trading session.

Native cryptocurrency of the Gifto Web3 blockchain protocol, GFT, saw a sharp price rally on Friday. From a daily low of $0.007070, GFT surged 181% to hit a high of $0.015191, as per TradingView data.

This rally was surprising given the bearish market sentiment and external challenges faced by Gifto. For instance, GFT was among the cryptocurrencies that did not benefit from Donald Trump’s election victory, with its price remaining relatively stagnant with minimal volatility.

Binance Delisting Adds Pressure on GFT

During this period of price stagnation, Binance announced its decision to delist GFT from its platform. Along with GFT, other tokens like IRIS, KEY, OAX, and REN were also delisted as part of Binance’s periodic evaluation of its listed assets.

Also Read: Delisting Drama: Binance Pulls the Plug On GFT, IRIS, KEY, OAX, REN

In a blog post, Binance stated that these delistings are in line with its goal to maintain a high standard for its offerings. The announcement sparked speculation of potential selloffs for the affected cryptocurrencies, including GFT, adding to the bearish sentiment.

Market Makers Suspected in GFT Price Rally

The GFT price surge on Friday surprised many traders and analysts, with some suspecting the influence of Market Makers in the event. However, the overall projection for GFT is bearish, as highlighted on Coincodex, a market data analysis and prediction platform.

Data from Coincodex projects a massive decline for GFT next month, which would see the price drop to $0.007299 by December 29, 2024. Meanwhile, at the last check, GFT was trading at $0.013916 after recovering from a notable decline in the past three days.

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