$GTC +69.87% in a day. The reason: a rebrand. No, I’m not joking.
The reason is absurd and wonderful at the same time.
On October 1, Gitcoin founder Kevin Owocki published a post in the community announcing that the project’s rebrand was officially called Techne. That’s it. Just a new name. The product is Techne, the movement is Techne, and the mission is “to help people rethink their relationship with technology.”
For nine years, Gitcoin funded open source. It raised $60+ million for 3700+ projects. And now it’s renamed itself Techne, launched a party app (10 out of 15 people counts as a success, if you ask the founder), and pushed its SDK to 2027. The market took this as a reason for a 70% gain.
It’s as if a restaurant that spent nine years feeding the homeless renamed itself “The Gastronomic Laboratory” and actually started selling hot dogs. But its stock rose 70% because someone heard the word “laboratory.”
The 70% rise is a reaction to the rebrand, not an improvement in fundamentals. Gitcoin’s token carries no economic rights—it’s a governance token, just as it has been since 2021. No buybacks, no fees, no cash flow. The founder himself asks, “Does this token even make sense?”—and can’t find an answer.
#GTC
The reason is absurd and wonderful at the same time.
On October 1, Gitcoin founder Kevin Owocki published a post in the community announcing that the project’s rebrand was officially called Techne. That’s it. Just a new name. The product is Techne, the movement is Techne, and the mission is “to help people rethink their relationship with technology.”
For nine years, Gitcoin funded open source. It raised $60+ million for 3700+ projects. And now it’s renamed itself Techne, launched a party app (10 out of 15 people counts as a success, if you ask the founder), and pushed its SDK to 2027. The market took this as a reason for a 70% gain.
It’s as if a restaurant that spent nine years feeding the homeless renamed itself “The Gastronomic Laboratory” and actually started selling hot dogs. But its stock rose 70% because someone heard the word “laboratory.”
The 70% rise is a reaction to the rebrand, not an improvement in fundamentals. Gitcoin’s token carries no economic rights—it’s a governance token, just as it has been since 2021. No buybacks, no fees, no cash flow. The founder himself asks, “Does this token even make sense?”—and can’t find an answer.
#GTC
