{"id":126212,"date":"2025-04-01T06:16:06","date_gmt":"2025-04-01T06:16:06","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126212"},"modified":"2025-04-01T06:16:06","modified_gmt":"2025-04-01T06:16:06","slug":"gutter-cat-gang-token-sale-marred-by-technical-issues-reportedly-low-interest","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126212","title":{"rendered":"Gutter Cat Gang token sale marred by \u2018technical issues,\u2019 reportedly low interest"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsNon-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 \u201ctechnical issue\u201d by a third party, though others pointed to reportedly low interest in the token.<br \/>\nWhile GCG didn\u2019t confirm these figures, it did state in a March 31 Discord post that no GANG tokens were distributed due to it encountering a \u201ctechnical issue\u201d by a third party.\u00a0\u201cBad news,\u201d the chief architect of GCG, \u201cYugen,\u201d wrote on GCG\u2019s Discord channel. \u201cThe contract is stopping us from the 100% liquidity claim day 1,\u201d which Yugen said is preventing participants from cashing in and out.\u201cWe\u2019ve tried to fix it for at least an hour and no success,\u201d said Yugen, who added:<br \/>\n\u201cYou will, be getting your $GANG. But not today. I will come back with a new exact date and time.\u201d<br \/>\nSource: GCG\/ DiscordThe token sale was described as a \u201cfumble\u201d by X user and NFT enthusiast \u201cEasy,\u201d who pointed out that the team locked up 100% of the token supply in the vesting contract \u2014 running contrary to the GCG\u2019s tokenomics plan.<br \/>\nUnder 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.<br \/>\nGCG\u2019s goal was to sell 12% of the total supply at $0.0089 per token \u2014 targeting a raise of around $1.08 million, which would\u2019ve given it an implied market cap of $9 million.<br \/>\nThe GCG team marketed the \u201cuseless\u201d GANG tokens as \u201cjust vibes\u201d with \u201cno promises\u201d and \u201cno roadmaps.\u201d<br \/>\nReports on X suggest GANG failed to garner significant interest<br \/>\nSeveral X users claimed that GCG only raised 3.66 Ether (ETH) worth roughly $6,800 from the GANG token community sale \u2014 falling far short of the $1 million target that it supposedly set. However, GCG hasn\u2019t confirmed or addressed these figures.<br \/>\nRelated: Memecoins 2.0: The market crashed, but the billion-dollar circus rolls on<br \/>\nGCG 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.<br \/>\nGCG\u2019s NFT floor price used to be 8.5 ETH \u2014 worth $15,240 \u2014 in September 2022 but has since fallen to 0.19 ETH at current prices, NFT Price Floor data shows.<br \/>\nSource: GCG NFTs listed on NFT marketplace OpenSea. Source: OpenSeaThe NFT firm was acquired by X user and NFT enthusiast \u201cMauloadream\u201d who also goes by Noah, in October 2023 for an undisclosed amount.<br \/>\nMagazine: Arbitrum co-founder skeptical of move to based and native rollups: Steven Goldfeder<a href=\"https:\/\/cointelegraph.com\/news\/gutter-cat-gang-token-sale-marred-technical-issues?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsNon-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 \u201ctechnical issue\u201d by&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126212"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126212"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126212\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126212"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}