GARI token launched by Salman Khan, one of the most renowned Bollywood celebrities, aimed to help Indian creators earn profits from their content over Chingari, a video application.
While the chain effect of the bearish market led to a fall of several crypto assets and tokens over several months, the GARI token topped over 83% of value-creating a market sensation. However, such a jump pushed the investors to suspect a rug pull event.
GARI token aimed to assist Indian creators in monetizing their content and maximize their profits in a short time span over the fast video application, Chingari. Launched by the Bollywood Godfather Salman Khan, GARI saw a stable value, close to $0.6 over six months, even amidst a dynamic market.
The positive stride of GARI token soon dropped on June 4 when the token hit an all-time low of $0.13, accounting for a crash of 83.29%. However, the GARI network team soon controlled the situation by conducting an in-depth analysis of such a fall. They also looked into the possible chances of an internal hack.
As mentioned in GARI's Twitter handle, this downfall seemed to be a direct market impact. It also assured all the tokens are safe and in their respective reserves.
The GARI network team is also in conversation with Indian crypto exchanges to assess and tackle the situation better. As damage control, the team also organized for an AMA session to clarify the doubts and strengthen investor beliefs and sentiments. However, the participants were bombarded with an error in accessing the link, worsening the overall situation. Chingari's spokesperson has also been in conversation with several news agencies claiming that GARI tokens are used for a range of purposes like connecting and transacting between counterparties, placing government votes, and catalyzing user engagements.
The fall of GARI token has taught the market an unforgettable lesson. Since the backing of any celebrity could not save the token's prices, it is time for investors to make an informed decision and invest in the right crypto assets. It is crucial to do your own research before making your investment decision.