OKX Delists Gifto Token Leverage and Perpetual Contracts, $GFT Plunges 35%

In a move that has sent shockwaves through the cryptocurrency community, the prominent exchange OKX has announced earlier today, the impending delisting of Gifto’s (GFT) perpetual contract and margin trading pairs. 

According to the official announcement, OKX will be regularly taking certain perpetual contracts and leveraged currency pairs offline as part of its platform maintenance and optimization efforts. 

Specifically, the GFTUSDT perpetual contract trading will be discontinued at 4:00 pm (UTC+8) on December 3, 2024. Additionally, the GFT/USDT margin trading and lending will be halted from 2:00 pm to 4:00 pm (UTC+8) on December 2, 2024.

Gifto’s Significant Price Decline

The news of OKX’s decision to delist the Gifto token’s leverage and perpetual contract offerings has had an immediate and significant impact on the cryptocurrency’s market performance. 

The price of Gifto (GFT) has plummeted by over 35% in the past 24 hours, from $0.010,989 to the current price of $0.007,107. 

With a 24-hour trading volume of $84,689,177, the Gifto token is clearly facing strong selling pressure as a result of the OKX delistings. 

This sharp decline has extended to a 54.42% price drop over the past 7 days, further underscoring the token’s fragility in the face of these exchange-level changes.

Also Read: OKX Set To List $MORPHO Amid Token’s 39,000% Price Jump

Broader Impact on Gifto and the Crypto Ecosystem

The OKX delistings come on the heels of a similar move by Binance, the world’s largest cryptocurrency exchange, which announced the removal of several token trading pairs, including Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX, and Ren (REN). 

This coordinated action by two of the industry’s most prominent exchanges has sent shockwaves through the cryptocurrency ecosystem, with the affected tokens, including Gifto, experiencing significant price declines. 

In the case of Gifto, the token’s value fell by 28.54% immediately following the Binance announcement, further exacerbating the downward pressure on the asset’s price.

Implications for Gifto’s Future and Investor Sentiment

The delisting of Gifto’s leverage and perpetual contract offerings by OKX, coupled with the broader exchange delistings, raises concerns about the token’s long-term viability and the confidence of investors in the Gifto project. 

The dramatic price drops observed in the wake of these announcements suggest that the cryptocurrency community is deeply concerned about the challenges faced by Gifto, potentially undermining the token’s adoption and future growth prospects. 

As the cryptocurrency industry continues to evolve, the Gifto team will need to carefully navigate these regulatory and market challenges to regain the trust and support of both exchanges and investors.

Also Read: $DOG Price Jumps 18% After OKX Launches Perpetual Futures Trading