*UPDATE 6/10/2021 This token has been relaunched as PAWTHEREUM. Grumpy holders can swap for a few more days and then grumpy will cease to exist completely. Best of luck to the team who have worked hard to relaunch the coin after the troubles outlined below. https://pawthereum.com/
Grumpy Cat coin (grumpy.finance) is a new meme coin that is community owned and raises donations to animal charities.
In the first few days the community gathered 70k in Ethereum and donated it to Sterling Animal shelter https://www.sterlingshelter.org/.
“I don’t know if you guys realise this, but this is a life-changing amount of money for smaller non profit organisations. I hope this really takes off and that you guys continue to select smaller community organisations to campaign for” – Leigh Grady – Director of Sterling Shelter
In theory this is a great project and to me is streets ahead of other meme coins in terms of it’s branding and appeal. With it being community-run and charity-focused, it sets the scene for a great team effort to help the coin do well and also help charities along the way.
After being launched for only a week and achieving great growth the price took a dive amongst tension between the owner of the initial grumpy cat meme.
Currently, the token is only available on Uniswap – a decentralized (defi) exchange. This is all fine and all the sales of $Grumpy have to date been made on this platform. At the moment Ethereum gas fees are ridiculous with users having to pay between $40-$90 Ethereum gas fees for a single buy although Uniswap is due to be releasing a new version very soon with greatly reduced fees. Some say that Uniswaps new system could remove the need for non-decentralized exchanges altogether, but that is a different story.
The upcoming listing on Whitebit, an Estonian based exchange popular for defi tokens, offered a means for great exposure and greatly reduced fees for trading the token. The price was rising in anticipation of the token being listed there. This came to a head last night when the owner of the grumpy cat meme filed a cease and desist notice to Whitebit on copyright grounds and the price tanked to the floor, causing complete chaos in the community. A lot of investors would have made serious losses.
With Grumpy Cat being community-owned there is no-one to file a lawsuit against. The coin being on Uniswap is also not an issue because Uniswap is a decentralized exchange, you cannot write to Uniswap and ask for it to be removed from the exchange because it doesn’t work like that. That’s kinda the whole point of a decentralised exhange, nobody owns it. The only thing the meme owner can do is to write to non decentralised exchanges such as Whitebit and tell them that they cant list it.
This whole drama is raising a lot of questions about copyright infringement in general in the defi space. I believe the whole thing will be sorted out quite soon and that the Whitebit listing will go ahead but only time will tell. Other defi meme coins exist which are clear copyright infringements such as “Charizard” and it will be interesting to see how this whole issue gets clarified.
The coin is called $Grumpy and so this is not an issue. One thing that seems to be a sticking point is that they have an entry hardcoded into the blockchain that says “Grumpy Cat” that is immutable – cannot be altered.
I encourage you to go and check out the website, telegram and discord and see how the situation unfolds at https://grumpy.finance/