The founders of web3 wallet Gifto minted 1.2 billion GFT tokens after Binance announced that it was delisting the asset on Tuesday. The surge in supply spurred a 55% plunge in GFT over the past two days.
The newly-minted tokens were then sent to several exchanges leading to an increase in trading volume from $8.6 million on Tuesday to $66 million in the past 24-hours. Analysis by <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">ZachXBT</a> shows that the tokens were distributed to 19 wallets across seven exchanges.
Due to the rapid increase in supply, the project's market cap momentarily increased from $11 million to $20 million before tumbling back to $16 million as the price of GFT continued to fall, according to <a href="https://cms.coindesk.com/studio/news/all;7e5a0ed0-a477-4df2-a2d6-9e62c9a27756" target="_blank">CoinMarketCap</a>.
Gifto's social media channels have remained silent since the delisting and the team did not immediately respond to CoinDesk's request for comment.
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