4 days after its launch, $GUN, the native token of the GUNZ blockchain—a gaming community constructed on Avalanche and tied to the web3 sport “Off The Grid”—skilled a 60% downfall.
The $GUN Token
$GUN was launched on March 31, 2025, at ₱5.77. About 17 minutes later, the token reached its all-time excessive worth of ₱6.59.
Nonetheless, it didn’t witness one other bullish rally and as an alternative skilled extra bearish ones. It continues to document new all-time lows as time passes. Actually, simply two hours in the past as of this writing, $GUN reported a brand new all-time low of ₱2.36.
As of April 4, 2025, solely 6.045% of $GUN’s whole provide of 10 million tokens is in circulation.
“It’s frequent for newly launched tokens to rapidly peak after which lose worth as extra customers get their fingers on the cash and begin buying and selling them available in the market. However the GUNZ launch has left some as-yet-unanswered questions that will even be driving issues across the full extent of the rollout.”
Andrew Hayward, Managing Editor, Decrypt
$GUN’s Reference to Web3 Recreation Off The Grid
At present, Off The Grid is obtainable on PC, PlayStation 5, and Xbox, however its blockchain options should not but built-in.
In keeping with its improvement crew, Gunzilla Video games, as soon as Off The Grid has been built-in with the GUNZ blockchain, gamers will be capable of commerce in-game objects as NFTs, and $GUN will function the principle token for incomes and buying and selling in-game.
Thus, $GUN is vital to the Off The Grid gameplay, as it’s going to carry the advantages of blockchain know-how to a sport anticipated to have AAA high quality.
The mixing of the GUNZ blockchain into Off The Grid is a piece in progress, in line with Gunzilla Video games Director of Web3 Theodore Agranat.
The $GUN Situation
In a Fb submit, Steve “Icesteam” Jimenez, the co-founder of the Philippine Affiliation of Crypto Merchants, shared that he was among the many earliest buyers in Off The Grid, having entered throughout the 2021 personal rounds.
“One of many VCs I used to be related to had a singular expertise: as an alternative of receiving their token allocation, they have been later refunded and suggested to purchase nodes as an alternative. In my case, I used to be additionally provided a KOL spherical at a gorgeous $0.009 allocation, just for that too to be refunded later. For many people, this mission had already proven early indicators of unpredictability, but we stayed for the imaginative and prescient.”
Steve “Icesteam” Jimenez, Co-Founder, Philippine Affiliation of Crypto Merchants
Jimenez wrote that he supported Off The Grid as a result of it was forward of its time—as a blockchain-based AAA sport. Another excuse he trusted the sport was that famend sport developer Neill Blomkamp led the artistic improvement of Gunzilla Video games.
“Whereas many have been leaping onto the P2E (Play-to-Earn) or P2A (Play-to-Airdrop) bandwagon, Gunzilla stood aside. It launched a Battle Royale expertise with player-driven economies, and NFT farming by a mechanism referred to as HEX. In contrast to different initiatives akin to Metalcore, which bought NFTs for revenue, Gunzilla emphasised extracting NFTs by gameplay a refreshing deviation from the cash-grab tradition frequent in Web3 gaming.”
Steve “Icesteam” Jimenez, Co-Founder, Philippine Affiliation of Crypto Merchants
Nonetheless, when $GUN was launched, buyers in Off The Grid have been shocked, in line with the IMPACT co-founder, because the promised 2.0% unlock at TGE for early buyers didn’t occur; as an alternative, there was a 0% unlock.
“It was, with out exaggeration, the largest April Fools joke ever pulled on buyers.”
Steve “Icesteam” Jimenez, Co-Founder, Philippine Affiliation of Crypto Merchants
One other concern Jimenez raised was that Gunzilla Video games’ Easy Settlement for Future Tokens allowed the sport developer to vary the deal mid-course, together with the TGE schedule and tokenomics.
“In keeping with inner sources, Gunzilla is now giving personal buyers two choices: refund or wait. For many of us, that’s a straightforward however painful determination. After 4-5 years of ready, we now face a further 1-year lock earlier than any tokens are launched.”
Steve “Icesteam” Jimenez, Co-Founder, Philippine Affiliation of Crypto Merchants
Classes Realized
For Jimenez, what occurred with $GUN marked a important lesson: investing in top-tier initiatives, even with high expertise and VC backing, doesn’t assure transparency or equity. He referred to as the web3 trade the Wild West.
“So, to the gamers farming for airdrops and complaining about token distribution, take a step again. Buyers have been locked in for years, lengthy earlier than the primary airdrop teaser even appeared. Many people believed within the imaginative and prescient, supported the crew, and waited by market cycles.”
Steve “Icesteam” Jimenez, Co-Founder, Philippine Affiliation of Crypto Merchants
This text is printed on BitPinas: ‘The April Fools No One Requested For’: $GUN Token Drops 60% Put up-Launch Amid Investor Backlash
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