Salman Khan creates GARI tokens to help Indian content creators make money.
GARI tokens were created by Salman Khan, an A-list Indian actor, whom people revere in Bollywood. He is using it to help Indian digital content creators make money through the Chingari app.
In June of 2022, the domino effect of the bear market, which saw the downfall of numerous crypto ecosystems and tokens over several months, caught up with GARI token as it tanked over 83% in value within a few hours on June 4. While GARI Network described it as a “market event,” investors suspect that it was an exit scam.
GARI token was launched by Salman Khan, a top Bollywood celebrity, with the intention of helping Indian creators monetize their content over a short video application Chingari and its nonfungible token (NFT) marketplace. Data from Cointelegraph Markets Pro and Trading View show that GARI maintained a fairly steady value, averaging out to roughly $0.6 over the past six months despite market volatility.
On June 20, GARI's bearish movement started. However, its long-standing support gave away on June 4 when the token crashed 83.29% to its all-time lowest trading value of $0.13. Soon after, investors began comparing the situation to the Terra (LUNA) and TerraUSD (UST) collapse; one of them called the actor "Salman Kwon".
#kucoin is the Big Whale who is dumping #Gari they are big investor. #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
When GARI Network discovered that the token was not affected by the hack, they conducted an internal evaluation to see if there were any flaws in the code.
“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 they are in talks with Indian crypto exchanges to further assess the situation. In addition, GARI network planned to host an AMA session to clarify doubts and improve investor sentiment. However, when spectators tried to join the session, they were greeted by a 404 error.
Link not working— Ran NeuNer (@cryptomanran) July 5, 2022
Cointelegraph recently reported that Chingari's spokesperson said that the GARI tokens are used to "connect and transact with their counterparties, place governance votes, and catalyze platform engagement and user base growth." Despite the efforts of a famous Bollywood actor to save the GARI token from the bear market, investors are advised to do their own research (DYOR) before making an investment.
The moment India's new crypto tax law took effect, which requires investors to pay a 1% tax deduction at source (TDS) on every transaction, crypto exchanges reported a huge decrease in trading volumes.
Indian Crypto exchange's trading volume have plunged by 90-95% , 3 months after new crypto laws became applicable.— Crypto India (@CryptooIndia) July 4, 2022
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
CoinDCX, India's first crypto unicorn, reported a 90.9% drop in daily trading volumes while crypto exchange BitBNS saw its volume drop by 37.4%.