Tech

Povlačenje GARI tokena s bolivudskom A-listerom izaziva glasine o povlačenju tepiha

07/05/2022
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The domino effect of the 2022 bear market, which saw the downfall of numerous crypto ecosystems and tokens over several months, caught up to GARI token as it tanked over 83% in value in a matter of hours on Monday. While GARI Network brushed off the development as a “market event,” investors suspect a rug pull event. 

GARI token was launched by Salman Khan, an A-list celebrity from Bollywood, with an aim to help Indian creators monetize their content over a short video application Chingari and its nepromjenjivi token (NFT) marketplace. Data from Cointelegraph Markets Pro i Trading View show that GARI maintained a fairly steady value, averaging out to roughly $0.60 over the past six months amid a shaky market.

GARI’s bearish movement began on June 20, 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 started comparing the situation to the Terra (LUNA), now rebranded Terra Classic (LUNC), and TerraUSD (UST) kolaps, with one of the members pozivajući the actor “Salman Kwon.”

Taking control of the situation, GARI Network conducted an internal evaluation and found no evident hacks that could topple the token’s prices, stating:

“Za sada ovo izgleda kao tržišni događaj. Uvjeravamo našu zajednicu da su SVI tokeni sigurni u odgovarajućim rezervama.”

The team also revealed being in talks with Indian crypto exchanges to further assess the situation. Additionally, GARI network also planned to host an AMA session to clarify doubts and improve investor sentiment. However, the spectators were welcomed by a 404 error when they tried to join the session.

Dok ranije speaking to Cointelegraph, 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.” Considering that not even the backing of an A-list celebrity from Bollywood could save GARI token from the wrath of the bear market, investors are advised to make informed investments upon due diligence. In other words, do your own research (DYOR).

GARI Network has not yet responded to Cointelegraph’s request for comment.

Povezano: Obim trgovanja kriptovalutama u Indiji je opao nakon visokih poreza

Soon after India enforced 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 slump in trading volumes.

CoinDCX, Prvi kripto jednorog u Indiji reported a 90.9% decline in daily trading volumes while crypto exchange BitBNS witnessed a 37.4% drop.