What Caused the Rise
Cryptocurrency speculation still has the potential to bring big gains. The latest example of this is the token Gifto(GFT -7.17%), which experienced a surge of more than 2,500% over the last 24 hours. This has caused the token to be featured in the top 50 in terms of market capitalization.
At its lowest point, Gifto was valued at $0.04 per token. As of noon ET, each token was worth $1.60, and with 1 billion tokens in circulation, the project had a market capitalization of $1.6 billion. This is in comparison to the roughly $30 million market capitalization it had prior to the jump.
Gifto is a Web3 gifting platform that seeks to become a hub for blockchain-based giving. It has been adding features and working on its “megaexpansion plan” which offers staking, charity initiatives, a web3 wallet, a marketplace for content creators and the ability to convert non-fungible tokens and other digital art into GFT tokens.
The surge was triggered by a token swap from GTO to GFT that took place in mid-January. This was made possible by Binance Smart Chain, streamlining the two-token structure and accelerating the project’s development. Gifto’s roadmap includes plans to appear on major exchanges in the US, Europe, and Asia, as well as means to interact with other DeFi protocols and a global user base through partnerships with game developers and content creators.
Gifto’s token swaps have recently occurred, resulting in an unprecedented increase in its value. Despite its altruistic goals, the project is still a mystery to many, as to why it has experienced such a massive surge. This is especially confusing due to the uninspiring flatness of the crypto market.
It appears that the speculation that is so common in the stock market is now being applied to other assets, such as cryptocurrencies. GFT has achieved a peak of $2, resulting in an incredible 50 billion dollar return for those who bought at $0.04.
Though its future is uncertain, Gifto is now a project that investors are eager to be a part of. The massive profits that can be made through its token swaps are sure to draw attention. As the cryptocurrency sector continues to be examined, the surge of Gifto serves as a reminder of the potential in the space.
