GARI Crypto Token Crosses 8 Lakh Active Wallet Users

Crypto token GARI has crossed the mark of 8 lakh active wallet users in just five months of its integration into the Chingrari app, a short video-sharing platform. GARI is distributed among the users and creators of the Chingari app for doing in-app activities like uploading, watching sharing, and liking videos. More than a million GARI tokens have been distributed to Chingari users since the mining programme.

Chingari’s active wallet holders have jumped to a 10,000 average daily, making GARI the third largest project on the Solana blockchain in terms of the number of active users. With over 5 million active daily users and more than 163 million downloads, Chingari is one of the top 20 most downloaded apps worldwide on the Google Play store.

Even as the active users of GARI’s wallet users show impressive figures, the token has been in trouble of late. The crypto token crashed more than 80 per cent amidst the recent slump in the overall crypto market due to several black swan events including the Luna-Terra crash, and high inflation coupled with regulatory uncertainty.

GARI, which was trading at Rs 57 at around 9:30 PM on July 4, suddenly slumped to Rs 10 an hour later and went to touch its all-time low of Rs 7. The sudden fall in the prices led to speculation of a possible hacker attack but the company denied the report and blamed the market movement for the crash

According to a report in The Indian Express, the crash happened after 2 million GARI tokens were sold by a crypto whale (a huge investor) on the crypto exchange KuCoin. The huge sell-off caused a panic in the investors leading to a further slump.

Many market experts and investors suspected that the crypto whale behind the GARI slump was KuCoin while others blamed the GARI Network itself.

GARI, however, remained hopeful of recovering from the recent slump. The company in an official release said that its “fundamentals” were strong and the recent slump was just one hiccup in the journey.

The GARI token started its operation in January this year, with great response from the market as it traded tokens worth $100 million on the first day.

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