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Last month saw 2023’s surprise for crypto investors and traders as the market boomed. Major cryptocurrencies rallied, pulling the crypto market up with them. This includes lesser-known cryptocurrencies like GFT, the native token of the Gifto Metaverse.
According to CoinMarketCap, the token has surged more than 1,300% in the past 24 hours. This is the result of news coming from the ecosystem’s Twitter account which reveals a solid future plan for Gifto.
What’s With The Gifto ‘Expansion?’
Gifto is a decentralized network for sending and receiving virtual gifts via various digital content channels. The network is powered by the Ethereum blockchain, which enables users with safe and transparent transactions.
The top live streaming and social media network in Asia, Uplive, launched it in 2017.
Gifto’s GFT token (formerly GTO) are used to fuel the platform’s virtual gifting economy. Users can purchase and give virtual gifts to content creators using GFT, who can subsequently convert the tokens for fiat currency.
The platform also has a reward system that encourages users to interact with the content and support their favorite content providers. This creates an ecosystem where both consumers and creators can benefit from the currency of virtual gifts.
#Gifto is entering a new phase: The #Web3Gifto #Megaexpansion Plan!💥
30 days of non-stop news as we unveil our new roadmap & take gifting to the next level 🚀
Join us on this exciting journey of growth, building, adoption & expansion! 💪Stay tuned, more news coming today!🎁 pic.twitter.com/T9jExOq48J
— Gifto (@GiftoMetaverse) January 11, 2023
However, the ecosystem recently implemented GFT, Gifto’s ERC-20 token which would enable the ecosystem to proceed with its supposed mega expansion plan. According to Gifto’s recent tweet, this month is the start of Gigfto’s non-stop 30 days of on-chain news.
WIth GFT being fairly new, recent exchange listings would also have contributed to the token’s momentous climb.
What’s Next For The Crypto?
Both external and internal developments in the ecosystem are expected to continue to fuel the bullish flames.
At the current price, however, volatility in the GFT markets might make the current support at $0.2562 untenable. If volatility becomes in favor of the bears, a break from this support and a testing of $0.2132 support in the medium to long term could take shape.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
However, recent news hitting the market might bring more attention to the fledgling GFT market, boosting trading volumes and price while also introducing a solid support for the market to rely on.
Investors and traders should then be cautious of the short to medium prospect of the token, but they should remain bullish long term as developments will help fuel investor confidence and attract some buzz around the ecosystem.
For now, investors and traders should focus on consolidation to reinforce the token’s current support.
Featured image from CoinTurk