Gifto’s native token GFT is up over 370% in the past week following its move to rebrand and swap its token from ERC-20 GTO to the BEP-20 GFT.
From GTO to GFT
Gifto launched in 2017 with GTO as its native token. However, as part of its rebranding efforts in 2023, it created the GFT token.
The virtual-gifting platform seems to have resurrected in 2023 following a $2.5 million investment from Poolz Ventures.
The investment deal will see Gifto advance its product offering, with additional marketing support from Poolz.
Gifto said that in order to support its new suite of products, it needed to recreate its native token. Consequently, it announced the token swap from Ethereum-based GTO to its BNB alternative GFT.
The new GFT token will support Gifto’s staking and charity program. Gifto will allocate about 0.5% of its annual inflation tokens for donations via Binance Charity.
Leading exchanges, including Binance and Bitget, had supported Gifto’s move to swap all GTO to GFT tokens on a 1:1 basis.
Binance and Bitget announced on Feb. 8 that their platform would no longer support GTO tokens; however, deposits and withdrawals for GFT tokens are open.
Similarly, MXC said that it would list the GFT/USDT trading pair in the innovation zone effective Feb. 8.
Following the listing announcements, Gifto’s new token GFT spiked to $0.04 from $0.04 in the last 24 hours and recorded a 370% increase over the last 7 days, according to CryptoSlate data.
GFT is currently trading above $0.14 and has reached over $125 million in trading volume on Binance.
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