Social token GARI’s active wallet users have crossed more than 800,000 in just 5 months of its integration into the Chingari app. Despite the recent market events, Chingari’s active wallet holders have jumped to an average of 10,000 per day, making GARI token the third-largest project on the Solana Blockchain in terms of the number of holders, the company said in a statement shared with FE Online.
GARI is the native token of Chingari. The token is distributed to its users and creators on the app for doing in-app activities. Till now, over one million GARI tokens have been distributed to Chingari users and creators since the beginning of its mining program, Chingari said in a statement.
GARI mining program incentivises users and creators on the Chingari app to do in-app activities like uploading, watching, sharing and liking videos.
Chingari’s active wallet holders as of 15th July 2022
Recently, GARI token price crashed to $0.1069, triggered by a single sell order of over $2 million by a large token holder. At the time of writing, the GARI token was trading at $0.09791, according to data on CoinMarketCap.
“Our token held strong in the initial months of crypto winter when other coins/tokens were falling. In fact, it jumped 40% after the launch of the GARI Mining program which incentivises its users and creators for spending time on the Chingari app. Every Crypto winter has given a winner and this time it will be GARI,” the company said in the statement.
“We reiterate that our fundamentals are strong and the market event was just a hiccup in our journey to onboard 1 billion on-chain users. Since this market event, more than 10,000 wallet signers have activated their GARI wallet users,” it added.
Meanwhile, the prices of most of the cryptocurrencies have plunged in the ongoing market crash. Bitcoin is currently trading below $21,000 while Ethereum is near $1200. The global cryptocurrency market cap has plunged to $934 billion.
(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)