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 June 4. 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 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 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) and TerraUSD (UST) collapse, with one of the members calling 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
Taking control of the situation, GARI Network conducted an internal evaluation and found no evident hacks that could topple the token’s prices, 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 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.
Link not working
— Ran NeuNer (@cryptomanran) July 5, 2022
While previously 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…
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