YEREVAN (CoinChapter.com) — The Gorilla Token (GORILLA) is one of the recent entrants to the endlessly-growing world of cryptocurrencies. Much like many of its predecessors, the animal-themed meme token has caught the fancy of many looking to find the next big thing in crypto. As a result, the GORILLA price has surged over 200% in the past 24 hours alone.
Launched in November 2023, the Ethereum-based (ERC20) meme token reached an all-time high of $0.02414 by the end of that month alone. After losing most of its gains in December, it tanked by the end of the year. Today’s rally saw Gorilla Token touch a midday high of $0.007179.
Should you buy Gorilla Token today with the meme having already provided over 3000% returns to early holders?
Understanding GORILLA
Although Gorilla Token looks like just another monkey-based cliche project at first glance, it still hopes to make its mark on the market.
It boasts a robust ecosystem with an IDO Launchpad (Gorilla Pad), a decentralized exchange (DEX), and a swap with advanced stop/loss functions. Moreover, GORILLA also offers an NFT collection aimed to rival the likes of Bored Ape Yacht Club (BAYC).
According to the project’s Whitepaper, GORILLA started with a total supply of 1 billion tokens. However, some tokens have been burnt since then, leaving less than 898 million in the market. The current circulating supply stands at 795 million.
Several innovative features may be behind the token’s significant growth. These include zero upfront fees on its IDO Launchpad and cross-chain trading through Gorilla Swap.
The team’s community-driven approach, where all fees and revenue are reinvested back into the token, has also caught the attention of investors. The argument that the Gorilla is more than a meme token seems to have found takers among traders.
Should you buy Gorilla Token?
Although the recent 200% rally in GORILLA price showcases strong market sentiment and investor interest, there is no guarantee that it will last. Meme tokens like Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe have succeeded in forging a big market for themselves.
While the Gorilla Token is new and demands caution, it does not necessarily mean it is a short-term project. As mentioned above, its IDO Launchpad and DEX swap offer a tangible utility that could help it survive in the crowded market.
Moreover, its NFT collection could attract a dedicated community around the project. This will bolster GORILLA’s price and ensure it grows over time.
Another aspect that could drive investor confidence is security. As per the project’s website, the GORILLA’s contract has been audited by Techrate, an Audit & Development firm for smart contracts.
Additionally, its minimal % tax fee of 0.5%, designed to ensure affordability while maintaining ecosystem security, is a big plus.
However, despite the recent positive market sentiments, the GORILLA project’s token distribution raises a huge red flag.
According to cryptocurrency market data provider CoinCarp, the top 10 holders control over 50% of Gorilla Tokens. Moreover, 70% of the total supply lies in 50 wallets.
This poses a huge threat to the future price. Any or few of these holders can dump their bags, pushing the Gorilla token price down.