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Gifto (GFT), the native token of the Gifto Web3 blockchain protocol, has been at the center of a whirlwind of market activity, sparking controversy and speculation.

Despite bearish market sentiment following Binance’s announcement to delist the token, GFT experienced a dramatic 181% rally before plummeting back to its prior levels. The token’s wild price movements have raised questions about the role of market makers in this volatility.

On November 26, Binance announced its decision to delist Gifto’s GFT/USDT trading pair among other pairs, effective December 10, as part of a broader effort to remove underperforming assets.

This announcement triggered immediate bearish sentiment, with GFT’s price dropping by 25% due to fears of reduced liquidity and accessibility.

However, the market took a surprising turn on November 30. GFT surged 181%, climbing from a low of $0.006864 to a high of $0.02289. This sudden rally was short-lived and by the end of the day, GFT had retraced to $0.01046—still 50.2% higher than the previous day.

Market watchers were quick to point out the suspicious timing of this price surge, especially after GFT’s earlier crash.

Critics suspect that market makers could be influencing the token’s price in a coordinated effort to profit from the volatility, taking advantage of traders’ reactions to the Binance delisting.

Adding fuel to the fire, Gifto’s actions in the days leading up to this volatility have drawn significant backlash.

On November 28, the Gifto team minted 1.2 billion GFT tokens, valued at $8.6 million, and reportedly dumped them onto the market.

Blockchain analytics firm Lookonchain revealed that these tokens were deposited into exchanges, further eroding investor confidence.

On Nov 26, #Binance announced it would delist $GFT on Dec 10, 2024. The #Gifto team minted 1.2B $GFT($8.6M) in the past 8 hours and deposited it into exchanges. #Gifto may have dumped these tokens onto the market, and the price of $GFT has dropped by ~40%.…

This move triggered a steep 40% price drop, compounding the bearish impact of the Binance delisting announcement.

The crypto reacted strongly, with many labeling Gifto’s actions as a textbook example of the risks associated with centralized token management. Critics argued that such practices undermine trust, leaving retail investors at a disadvantage.

Some have called this episode a cautionary tale, emphasizing the need for decentralized projects that cannot execute similar “exit strategies.”

As things unfold, GFT’s price remains extremely volatile and with December 10 looming as a crucial date, GFT holders face uncertainty about the token’s future, underscoring the importance of transparency and decentralized governance in the evolving digital asset landscape.

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