What Is Gorilla ($GORILLA) and Is it a Scam? Reviews, Opinions, and DYOR
Gorilla ($GORILLA) is an Ethereum-based project that combines elements of internet meme culture with practical applications.
What is Gorilla ($GORILLA)?
The project Gorilla is notable for its ape-themed animations and seeks to establish a comprehensive ecosystem for its users.
A part of the future Gorilla ecosystem is Gorilla Swap, a tool that will allow cross-chain transactions, utilizing technologies such as AI to facilitate trading. Gorilla Pad, another component, acts as a launchpad for new projects, providing them with a platform for presales along with marketing support.
A portion of the revenue from activities on Gorilla Pad will be allocated to support the Gorilla ecosystem, funding activities such as buybacks, improving liquidity, securing listings, and growth.
Gorilla also has a non-fungible token (NFT) collection named Mad Gorilla Unified Cryptonairs, limited to 3,333 pieces on the Ethereum blockchain. This collection allows owners to stake their NFTs in exchange for BANANAs, a new token within the ecosystem, offering similar benefits and tradability as the NFTs.
Additionally, Gorilla is developing a game named Banana Runner, currently in beta testing, which was created for the project's Telegram community.
Gorilla Reviews and Opinions: Reddit and X
It seems that the project is in its early stages, and there is a limited amount of feedback available on platforms like X and Reddit. There were a handful of mentions on their X account about the anticipated launch of their launchpad.
However, concerns have been raised about the project's community management practices, particularly on Telegram. Users report being removed from the Telegram group for inquiring about the reasons behind the launchpad's repeated delays. This approach of banning members who pose legitimate questions has raised doubts about the project's transparency and integrity.
Community, Website, and Social Media Accounts
The Telegram channel of the project counts more than 5,000 followers, yet it lacks substantive content or meaningful discussions, being predominantly filled with spam messages.
Similarly, their X account has attracted around 13,000 followers but is not followed by any notable cryptocurrency projects, news outlets, or influencers. The absence of reposts and comments suggests minimal engagement. All off their posts are similar and have no substantial info.
The project's website is designed with simplicity and minimalism, offering little information. While it includes a roadmap, it lacks detailed information about the team and founders.
Founders and Investors of Gorilla
No specific information about the project's founders, investors and team members was discovered. This lack of transparency regarding the leadership and development team is typical in the meme coin sector, where anonymity can sometimes be part of the project's appeal or strategy.
However, this also raises questions about accountability and project sustainability, as potential investors or participants may seek reassurance through knowing the expertise and track record of the individuals behind the project.
Gorilla Tokenomics: Supply, Allocation, Use Case
The Gorilla project's Whitepaper stated that the token was launched with an initial total supply of 1 billion tokens, of which approximately 900 million are presently in circulation. The ecosystem imposes a 0.5% fee on both purchase and sale transactions, although the Whitepaper provides no extensive details on the specific utilities of the token.
Token Allocation:
- Liquidity: 70%
- Tokens Burned: 10%
- Marketing: 4%
- Exchange Funds (Allocation 1): 4%
- Exchange Funds (Allocation 2): 4%
- Staking/Farming: 4%
- Treasury: 4%
GORILLA token holders are said to gain from cross-chain swaps via Gorilla Swap, offering a mechanism to minimize price volatility. The ability to swap tokens allows holders to safeguard their token's value and participate in liquidity pools, contributing to the stabilization of prices within the ecosystem.
Gorilla’s Current Price
The Gorilla token was launched on November 9th, 2023, via a Fair Launch on Uniswap and subsequently appeared on CoinMarketCap on November 13th, with its initial recorded price being $0.0002359. However, the price quickly fell, reaching an all-time low of $0.0002015 on the same day.
By November 22nd, the Gorilla Token had been listed on BitMart, and by November 26th, on MEXC exchange. After these listings, the price of the Gorilla token surged from $0.001347 to a peak of $0.01267 on November 30th, marking a 841% increase.
After reaching its peak, the token's price experienced a downturn but saw a 172% spike on December 3rd, only to fall below $0.004 by December 8th, where it appeared to stabilize. As of the latest update, the Gorilla token is currently trading at $0.004978
Source and Copyright: TradingView
Bottom Line: Is Gorilla a Scam or Not?
Although it might be too soon to draw any final conclusions about the project's legitimacy, several factors warrant caution.
Notably, the project hasn’t received coverage from renowned cryptocurrency media outlets, and information about it online is limited. With a market capitalization of just $4 million, coupled with a lack of transparency regarding the team members and founders, as well as minimal engagement and responsiveness on its official social media channels, there are significant concerns.
On the positive side, the GORILLA contract has passed a security audit conducted by Techrate, and the project does have a whitepaper. However, the whitepaper falls short of providing detailed information.
Given these observations, our team currently views this project as carrying a high level of risk.
