The fall of GARI Token: Chingari Price Crash - See Why Price Crashed
GARI Investors Lose 80% Of Wealth: What Caused the Crash? find out in this video.
The fall of GARI Token: Chingari Price Crash - See Why Price Crashed
The fall of GARI: What’s happening with the Salman Khan backed social token
The fall of GARI Token: Chingari Price Crash - See Why Price Crashed
The fall of GARI: What’s happening with the Salman Khan backed social token
GARI price crash reason: Why Chingari’s social token dropped 87%
Crypto token GARI has plunged by more than 80 per cent, leaving investors in a panic. GARI is offered by Chingari — a popular short video platform — backed by actor Salman Khan. This crash comes as the overall crypto market suffered with exchanges witnessing intensive sell-off amid black swan events such as the Luna-Terra crash, and high inflation coupled with regulatory uncertainty.
Just a reminder that GARI is a social token which allows creators, influencers, and brands to monetize experiences or services.
Through the GARI token, Chingari enables short-form video creators to monetise their content on the blockchain.
On July 4, 2022, at around 9:37 pm, the social token was steady at the value of $0.72 (Rs 57). However, exactly after an hour, the GARI token was trading at $0.13 (Rs 10). Shortly before midnight, the token touched an all-time low of $0.09 (Rs 7).
GARI developers issued a detailed statement claiming the price fall was likely triggered by a single sell order of over $2 million by a large token holder.
According to them,
“After an evaluation, we conclude that there has been NO hack or exploit to $GARI token contract. The price action is purely a market event…From what we know, the $GARI token was affected majorly on Kucoin. The reason identified is the $2 million market sell order at 16:10 UTC on 4th July 2022, pushed the token price to $0.14 suddenly as the market maker didn’t provide enough liquidity to handle it,” the developers said in a series of tweets.
“This sudden drop caused cascading liquidations on Kucoin which they started dumping in the open market and drove the price down to $0.03 causing a black swan event. From there we have bounced back and stabilized,” they added.
The developers further said that the sudden drop in $GARI token price “resulted in a domino effect triggering other investors or speculators to follow the suit… We confirm that there was no insider trading.”
Looking at CMC, you can see the charts of gari token in the past 30 days, 7 days and 24 hours.
A lot of investors are angry, some are of the opinion that its a rugpull. In fact, recently, Salman Khan claimed that his life is in danger following death threaths.
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