Non-fungible token (NFT) project Gutter Cat Gang (GCG) saw a rocky token launch of its GANG token on Apechain on March 31, attributed to a “technical issue” by a third party, though others pointed to reportedly low interest in the token.
While GCG didn’t confirm these figures, it did state in a March 31 Discord post that no GANG tokens were distributed due to it encountering a “technical issue” by a third party.
“Bad news,” the chief architect of GCG, “Yugen,” wrote on GCG’s Discord channel. “The contract is stopping us from the 100% liquidity claim day 1,” which Yugen said is preventing participants from cashing in and out.
“We’ve tried to fix it for at least an hour and no success,” said Yugen, who added:
“You will, be getting your $GANG. But not today. I will come back with a new exact date and time.”
Source: GCG/ Discord
The token sale was described as a “fumble” by X user and NFT enthusiast “Easy,” who pointed out that the team locked up 100% of the token supply in the vesting contract — running contrary to the GCG’s tokenomics plan.
Under that plan, 12.5% of GCG NFTs and 15% of Seed Round allocations were meant to unlock instantly, with the rest of the tokens scheduled to vest daily over the next 18 months.
GCG’s goal was to sell 12% of the total supply at $0.0089 per token — targeting a raise of around $1.08 million, which would’ve given it an implied market cap of $9 million.
The GCG team marketed the “useless” GANG tokens as “just vibes” with “no promises” and “no roadmaps.”
Reports on X suggest GANG failed to garner significant interest
Several X users claimed that GCG only raised 3.66 Ether (ETH) worth roughly $6,800 from the GANG token community sale — falling far short of the $1 million target that it supposedly set. However, GCG hasn’t confirmed or addressed these figures.
Related: Memecoins 2.0: The market crashed, but the billion-dollar circus rolls on
GCG launched on June 8, 2021, starting off as a collection of 3000 unique NFT avatars with a backstory around the post-apocalyptic shatters of society.
GCG’s NFT floor price used to be 8.5 ETH — worth $15,240 — in September 2022 but has since fallen to 0.19 ETH at current prices, NFT Price Floor data shows.
Source: GCG NFTs listed on NFT marketplace OpenSea. Source: OpenSea
The NFT firm was acquired by X user and NFT enthusiast “Mauloadream” who also goes by Noah, in October 2023 for an undisclosed amount.
Magazine: Arbitrum co-founder skeptical of move to based and native rollups: Steven Goldfeder
