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Bollywood A-lister-backed GARI token plunge sparks rug pull rumors

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The domino impact of the 2022 bear market, which noticed the downfall of quite a few crypto ecosystems and tokens over a number of months, caught as much as GARI token because it tanked over 83% in worth in a matter of hours on June 4. While GARI Network disregarded the event as a “market event,” buyers suspect a rug pull occasion. 

GARI token was launched by Salman Khan, an A-list superstar from Bollywood, with an purpose to assist Indian creators monetize their content material over a brief video software Chingari and its nonfungible token (NFT) market. Data from Cointelegraph Markets Pro and Trading View present that GARI maintained a reasonably regular worth, averaging out to roughly $0.6 over the previous six months amid a shaky market.

GARI’s bearish motion started on June 20, nevertheless, its long-standing help gave away on June 4 when the token crashed 83.29% to its all-time lowest buying and selling worth of $0.13. Soon after, buyers began evaluating the state of affairs to the Terra (LUNA) and TerraUSD (UST) collapse, with one of many members calling the actor “Salman Kwon.”

Taking management of the state of affairs, GARI Network performed an inner analysis and located no evident hacks that would topple the token’s costs, stating:

“So far this looks like a market event. We assure our community that ALL tokens are safe in the respective reserves.”

The group additionally revealed being in talks with Indian crypto exchanges to additional assess the state of affairs. Additionally, GARI community additionally deliberate to host an AMA session to make clear doubts and enhance investor sentiment. However, the spectators have been welcomed by a 404 error after they tried to affix the session.

While beforehand chatting with Cointelegraph, Chingari’s spokesperson mentioned that the GARI tokens are used to “join and transact with their counterparties, place governance votes, and catalyze platform engagement and person base progress.” Considering that not even the backing of an A-list superstar from Bollywood may save GARI token from the wrath of the bear market, buyers are suggested to make knowledgeable investments upon due diligence, in different phrases, do your personal analysis (DYOR).

Related: Indian crypto buying and selling volumes hunch following hefty taxes

Soon after India enforced its new crypto tax regulation, which requires buyers to pay a 1% tax deduction at supply (TDS) on each transaction, crypto exchanges reported a large hunch in buying and selling volumes.

CoinDCX, India’s first crypto unicorn reported a 90.9% decline in each day buying and selling volumes whereas crypto trade BitBNS witnessed a 37.4% drop.