The crypto token GARI has crossed 8 million active wallet users in just five months of its integration into the Chingrari app, a short video-sharing platform. GARI is distributed among users and creators of the spark app for in-app activities such as uploading, sharing and liking videos. So far, over one million GARI tokens have been distributed to Spark users since the mining program.
Spark’s active wallet holders averaged 10,000 per day, making GARI the third largest project on the Solana blockchain in terms of number of active users. With over 5 million active daily users and over 163 million downloads, Spark is one of the top 20 most downloaded apps worldwide on the Google Play store.
Even as active users of GARI’s wallet users show impressive statistics, the token has been in trouble of late. The crypto token crashed more than 80 percent amid the recent downturn in the overall crypto market due to high inflation coupled with multiple Black Swan events and regulatory uncertainty, including the Luna-Terra crash.
GARI, which was trading at Rs 57 at around 9:30 pm on July 4, suddenly settled at Rs 10 an hour later and went on to touch its all-time low of Rs 7. The sudden drop in prices gave rise to speculations of one. Possible hacker attack but the company denied the report and blamed market volatility for the crash
According to a report in The Indian Express, the crash happened after a crypto whale (a big investor) sold 2 million GARI tokens on the crypto exchange KuCoin. Heavy selling created panic among investors, leading to further recession.
Many market experts and investors suspected that the crypto whale KuCoin was behind the GARI meltdown, while others blamed the GARI network itself.
However, GAAR remains hopeful of recovery from the recent slowdown. The company said in an official release that its “fundamentals” were strong and the recent downturn was just a hiccup in the journey.
The GARI token started its operations in January this year, with a great response from the market, as it traded $100 million worth of tokens on its first day.
read all breaking news, today’s fresh newswatch top videos And live TV Here.