Gutter Cat Gang Token Sale Faces Technical Issues and Low Interest

The highly anticipated launch of Gutter Cat Gang's (GCG) GANG token on ApeChain on March 31 faced significant setbacks, with the company citing “technical issues” and reportedly low market interest as contributing factors.

Token Launch Delayed Due to Technical Difficulties

GCG, a non-fungible token (NFT) project known for its collection of unique digital avatars, was initially set to launch the GANG token on ApeChain, but the event was marred by problems on launch day. According to a March 31 post in the project's Discord channel, the launch was delayed due to "niche technical issues" caused by a third party.

Yugen, the chief architect of GCG, provided an update in the Discord channel, stating, “The contract is stopping us from the 100% liquidity claim day 1,” and noted that this issue was preventing participants from accessing or trading their tokens. Yugen further added that despite efforts to resolve the issue for over an hour, the launch could not proceed as planned.

While the team assured the community that they would eventually distribute the tokens, they were unable to provide a new launch date at the time. "You will be getting your $GANG, but not today," Yugen wrote, leaving the timing of the launch uncertain.

Low Interest and Tokenomics Concerns

Despite GCG's efforts to bring the token to market, reports from the community suggested that interest in the token was underwhelming. NFT enthusiast "Easy" took to social media to describe the situation as a “fumble,” pointing out that the team had locked up 100% of the token supply in the vesting contract, which conflicted with the original tokenomics plan.

According to the initial tokenomics outlined by GCG, 12.5% of the tokens allocated to GCG NFT holders and 15% of the Seed Round allocation were supposed to unlock immediately, with the remaining tokens set to vest daily over the next 18 months. However, the locking of 100% of the token supply ran counter to this plan, raising concerns among the community about the transparency and execution of the sale.

GCG had aimed to sell 12% of the total token supply at a price of $0.0089 per token, with hopes of raising approximately $1.08 million and achieving an implied market capitalization of $9 million. However, reports suggest the token sale raised only a modest 3.66 Ether (ETH), worth approximately $6,800 — a far cry from the target. GCG has yet to confirm or address these figures, leaving the true outcome of the sale uncertain.

GCG's NFT Market Struggles and Leadership Changes

Gutter Cat Gang first launched in June 2021, debuting as a collection of 3,000 unique NFT avatars that created a post-apocalyptic narrative around a fractured society. At its peak, GCG’s NFTs saw a floor price of 8.5 ETH, or around $15,240, in September 2022. However, that value has since plummeted to just 0.19 ETH, or approximately $355, according to NFT Price Floor data, highlighting the ongoing struggles for the project in the competitive NFT space.

In October 2023, GCG was acquired by NFT enthusiast "Mauloadream" (Noah) for an undisclosed sum, signaling a shift in leadership and direction for the project. However, despite the change in ownership, the recent token sale debacle and lack of community interest have raised questions about the long-term viability of the Gutter Cat Gang brand.

The Road Ahead

While the technical issues and low interest in the GANG token sale have cast a shadow over the project, GCG’s team is committed to resolving the problems and delivering the token to its community. As the project navigates these hurdles, it remains to be seen whether it can regain the confidence of its supporters and continue to thrive in the evolving NFT and crypto markets.