Truth Arts Launches GOB Solana Memecoin—Down 60% Since Launch
Web3 studio Truth Arts, best known for the Goblintown NFT collection and Goblintown: Really Hard Driving Game, has unveiled a new Solana memecoin called GOB (or $GOB). Despite the project’s claims of creating a “healthier” and “more sustainable” token design intended to address numerous flaws in the existing memecoin market, the coin has suffered a significant price decline since its launch, dropping approximately 60% over two days and shedding some ~18% in the past 24 hours according to market data.
Introducing the New Token Design
“Memecoins are clearly broken… so we built a new token design in an attempt to fix them and make them more healthy + sustainable,” Truth CEO and co-founder Alexander Taub wrote in a project post.
Taub stated the team undertook an extensive analysis over six months, studying both successful and failed memecoin examples:
“We spent 6+ months analyzing what made coins succeed and fail. We studied every failure and flaw in memecoins we could possibly find, broke down the root causes, and added mechanisms that are attempting to fix them.”
Addressing Market Flaws
The company claims its network token aims to counter problems they believe are commonplace in the memecoin space, including:
preventing actions typically associated with negative market impacts: “We put measures in place to prevent ‘snipers, MEV bots, misaligned incentives between team and token holders, investor allocation dumps, pump-and-dumps, whale dumps, whale dumps, whale dumps, whale dumps, unchecked supply, lack of reinvestment — you name it.'” (Note: “whale dumps” appears repeated multiple times in the original source text intended for removal).
The token employs a 2.5% transaction fee (“token tax”) on every GOB transaction. Furthermore, a portion of the token’s supply is being distributed to Goblintown NFT holders, as well as owners of specific other NFT collections (“Illuminati, The187, Big Inc, and Grumpl NFTs”). Distribution appears to be unfolding slowly over time.
Market Challenges
According to CoinGecko data cited in the original reporting, the price of GOB experienced substantial early growth but has since corrected sharply. Its market capitalization has fallen from a reported zenith of ~$30 million down to roughly $7 million by Friday morning.
Despite the initial price surge, the coin continues to trade beneath its launch valuation. However, a significant limitation remains: only a fraction of the total token supply (~10%) is currently in circulation, according to project materials.
Crypto Culture and Concerns
“It hasn’t even been 72 hours but that feels like a lifetime in Web3/crypto,” Taub commented via direct message. He voiced two principal observations: concerns about a “goblin vibes” enjoyment factor and noted on the project’s broader mainstream potential, highlighting a recent TikTok filter promotion attempting to leverage meme culture more widely.
“Widespread issues in the memecoin space aside, Truth Arts also continues to cultivate a brand identity that playfully captures moments and themes within the crypto culture. This blend of innovation and irreverence remains a notable characteristic of the studio’s output since the waning days of the “WAGMI” (We’re All Gonna Make It) era, aligning roughly with the emergence of chaotic, degenerate narratives around certain crypto events.”
The creation is both commentary and creative outlet – perhaps inevitably in this ecosystem.
