- GARI’s price had been relatively stable in a volatile market at about $0.60.
- The team discussed with Indian cryptocurrency exchanges to investigate the problem.
It was only a matter of time until the 2022 bear market’s domino effect caught up with the GARI token, which saw its value plummet by almost 83% in a matter of hours on Monday. Investors are suspicious of a rug-pulling incident, notwithstanding GARI Network’s dismissal of the development as a “market event.”
The GARI token was launched to enable Indian content producers to commercialize their work via the short video application Chingari and its non-fungible token marketplace. Data reveals that GARI’s price had been relatively stable in a volatile market at about $0.60 over the last six months.
On June 20, GARI’s negative trend started, but its long-standing support fell on July 4 when the token dropped 83.29 percent to its all-time low trading value of $0.13. Investors began drawing comparisons to the Terra (LUNA), now called Terra Classic (LUNC), and TerraUSD (UST) collapse shortly afterward.
Internal Investigation Conducted
We at GARI network announce that after a thorough evaluation there has been NO hack identified on the tokens' side & so far this looks like a market event.
— GARI Network (DAO) 🔥 (@GariToken) July 4, 2022
We assure our community that ALL tokens are safe in the respective reserves. (1/2) pic.twitter.com/4Pb0Fe3VKo
GARI Network seized control of the issue by conducting an internal investigation and determining that there were no apparent hacks that may bring down the token’s value. The team also said they were discussing with Indian cryptocurrency exchanges to investigate the problem further. Additionally, the GARI network intended to organize an AMA session to answer questions and build investor confidence in the company. A problem occurred when viewers attempted to join the session, ‘404’ error. However, the token is up 83% in the last 24 hours as per CMC.
Almost immediately after India’s new crypto tax legislation was implemented, crypto exchanges reported a significant drop in trading volumes due to investors having to pay a 1% tax deduction at source (TDS) on every transaction and a 30% tax.
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