An under-the-radar altcoin focused on blockchain gifting has ripped 268% this week amid exchanges announcing their support for its token rebranding.
Gifto (GFT) is a Web3 blockchain project focused on enabling the creation, storage and gifting of on-chain presents like non-fungible tokens (NFTs).
Its newly rebranded native token, GFT, has skyrocketed, with the 229th-ranked crypto asset by market cap trading at $0.1398 at time of writing.
This week’s price explosion happened as top crypto exchange Binance announced it would support Gifto’s ongoing token swap.
“We’re happy to announce that Binance has relisted GFT having supported GTO swap to GTF!”
In January, the Web3 project announced it would swap out its old token, GTO, for its new GTF token built on the BNB Chain.
“The GFT token helps to streamline the dual-token structure (ERC20 and BEP2), simplifying the current blockchain model, by migrating to the BNB Chain, which offers pretty low fees and optimized efficiency for gifting.”
Binance wasn’t the only exchange to extend its support for the token swap. OKX, Bitget and Gate.io all announced support for and/or completed the migration this week.
Gifto also announced on Wednesday that it had surpassed $120 million in 24-hour trading volume on Binance.
“GFT has surpassed 120M volume on Binance! Solid project’s features always mirror in its value.”
Despite GFT’s massive gains this week, the token still remains more than 85% down from GTO’s all-time high of $0.964, which it hit all the way back in early 2018, according to CoinGecko.
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