The ripple effect of the 2022 bear market, which saw numerous ecosystems and cryptocurrency tokens crash for several months, reached GARI token when it sank more than 83% of its value in a matter of hours on June 4. While GARI Network has considered this to be a “market event”, investors suspect that this is an event that has occurred.
The GARI token was launched by Salman Khan, a Bollywood celebrity, with the aim of helping Indian creators monetize their content through the Chingari short video app and its non-fungible token (NFT) marketplace. Data from Cointelegraph Markets Pro and Trading View shows that GARI has held a fairly stable value, averaging roughly $0.6 over the past six months amid an unstable market.
GARI’s bearish movement began on June 20, however, its longstanding support vanished on June 4 as the token plunged 83.29% to its all-time low trading value of $0.13. Soon after, investors began comparing the situation to the collapse of Terra (LUNA) and TerraUSD (UST), with one member calling the actor “Salman Kwon”.
#kucoin is the Big Whale who is dumping #Gari they are big investors. #kucoin gari price is $0.029 while other exchange have average $0.10 be careful from kucoin guys #KuCoin #SalmanKhan #gari #chingari #cryptocurrencies #scam pic.twitter.com/EeohogM4EY
— Ashish Gautam(Money Guru Digital) (@Moneygurudigi) July 4, 2022
#kucoin is the Great Whale getting rid of #Gari, they are great investors. The price of #kucoin gari is $0.029, while other exchanges average $0.10. Beware of kucoin guys
Taking control of the situation, GARI Network conducted an internal evaluation and found no obvious hacks that could bring down the prices of the token, stating:
“So far this looks like a market event. We assure our community that ALL tokens are safe in the respective reserves.”
The team also revealed that it is in talks with Indian cryptocurrency exchanges to further assess the situation. In addition, the GARI network also planned to host an AMA (ask me anything) session to clarify doubts and improve investor sentiment. However, viewers were greeted with a 404 error when trying to join the session.
Link not working
— Ran NeuNer (@cryptomanran) July 5, 2022
While previously speaking with Cointelegraph, the Chingari spokesperson said that GARI tokens are used to “connect and transact with their counterparties, place governance votes, and catalyze platform engagement and user base growth.” Considering that not even an endorsement from a Bollywood A-list celebrity could save the GARI token from the wrath of the bear market, investors are advised to make informed investments with due diligence, in other words, make your own research (DYOR).
GARI Network has not yet responded to Cointelegraph’s request for comment.
Shortly after India implemented its new crypto tax law, which requires investors to pay a 1% tax deduction at source (TDS) on every transaction, crypto exchanges reported a massive drop in trading volumes. negotiation.
Indian Crypto exchange’s trading volume have plunged by 90-95% , 3 months after new crypto laws became applicable.
Based on current volumes – Exchanges are only able to generate trading fee revenue of $1000 to $3000 Max.
Bitbns seems to be still doing well.
Tough times ahead. pic.twitter.com/KNDbea9BCn
— Crypto India (@CryptooIndia) July 4, 2022
The trading volume of an Indian crypto exchange has plummeted by 90-95%, 3 months after new crypto laws came into force.
Based on current volumes – Exchanges are only capable of generating trading fee income from $1,000 to $3,000 Max.
Bitbns seems to be still doing well.
Difficult times are ahead.
CoinDCX, India’s first crypto unicorn, reported a 90.9% decline in daily trading volumes, while cryptocurrency exchange BitBNS witnessed a 37.4% drop.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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