Launch Delayed Due to Contract Issues

GCG announced on Discord that no GANG tokens were distributed due to unexpected technical problems.

“Bad news,” wrote GCG’s chief architect, Yugen, on Discord. “The contract is stopping us from the 100% liquidity claim on day one,” making it impossible for participants to cash in and out.

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Despite trying to resolve the issue for over an hour, the team was unsuccessful. Yugen reassured the community that GANG tokens would still be distributed but did not provide a new launch date.

Tokenomics Plan Contradicted by Vesting Contract

Some community members criticized the launch, noting that GCG mistakenly locked 100% of the token supply in a vesting contract. This contradicted the project’s tokenomics plan, which initially allowed:

• 12.5% of Gutter Cat Gang NFTs to unlock immediately
• 15% of Seed Round tokens to unlock instantly
• The rest of the supply to vest daily over 18 months

GCG planned to sell 12% of the total supply at $0.0089 per token, targeting a $1.08 million raise and an implied market cap of $9 million.

Low Interest in the Sale?

Several reports on X suggested that the community sale raised only 3.66 ETH, worth approximately $6,800, falling far short of its $1 million target. However, GCG has not officially confirmed these figures.

The Gutter Cat Gang team marketed GANG tokens as “useless,” emphasizing that they came with “no promises” and “no roadmaps.”

Falling NFT Floor Price and Acquisition

Gutter Cat Gang launched in June 2021 with 3,000 unique NFT avatars set in a post-apocalyptic world.

At its peak in September 2022, the project’s NFT floor price was 8.5 ETH (around $15,240 at the time). However, according to NFT Price Floor, the price has since dropped to 0.19 ETH.

In October 2023, an X user and NFT collector named Mauloadream, also known as Noah, acquired the Gutter Cat Gang project for an undisclosed amount.

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The post Gutter Cat Gang Sale Suspended Due to ‘Technical Issues’! appeared first on Coin Engineer.

Key Levels in the Daily Chart!

The $22.30 level stands out as a critical support zone for AVAX. If daily closings occur below this level, selling pressure could increase, leading to further price declines.

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Recently, AVAX has been attempting to hold above the $22.30 zone, but price movements indicate that buyers are not yet strong enough. If a significant bounce does not materialize from this level, the search for new support levels at lower price points may come into play.

Downtrend Continues in the 4-Hour Chart!

In the 4-hour chart, a minor uptrend has been broken, and the price has retested the Fair Value Gap (FVG) level during the decline before resuming its downward movement.

Currently, the $23.66 level has become a crucial support point for AVAX. The price is holding at this level for now, but without a fresh wave of buying interest, the potential for an upward move remains limited.

For AVAX to regain upward momentum, it must achieve a close above the most recent FVG zone. If this does not happen, the downtrend may persist, and new lower price levels could be tested.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post AVAX Returns to Key Support Zone: Will the Decline Continue? appeared first on Coin Engineer.