The talk about the crypto market being unstable is all over social media lately and it has even become a major epitome for memes and jokes in recent times. It fluctuates by the minute and looks like Salman Khan-backed GARI currency which was launched in January this year, is taking the hit for it as well. The value of the said currency touched an all-time low of $0.09 or ₹7 on the 4th of this month and this has brought in heavy losses for a few people who invested in it.
For the unversed, GARI was launched by the social token app, Chingari in October last year and the trading kicked off in January 2021. Its launch event was held at Taj Lands’ End in Mumbai and the public event was attended by a huge crowd at that time. Actor Salman Khan was also a part of the launch and was said to be the brand ambassador of the tech start-up as well. The company witnessed massive numbers on the first day as currency close to $100 million (₹750 cr) were exchanged, making several people invest in it soon after.
Chingari is a short video app which allows video creators and influencers to monetize their content. On June 4th, as per reports, the value of GARI was at $0.72 (Rs 57) but dropped to $0.13 (Rs 10) within the next sixty minutes. It eventually went to $0.09 (Rs 7) in a matter of minutes and is currently standing at the value of ₹7.8305.
As the value of the currency drastically fell on that specific day, there have been several opinions about what led to the fall. Some suggest that KuCoin, where 2 million GARI tokens were sold, has something to do with the trend while others suggest that the fluctuating market is the only sole reason.
According to a recent report by The Indian Express, several people invested in the currency because Salman Khan was the face of it and are now suffering major losses.
“Initially, even when the crypto market was down, the prices of GARI were soaring, but one fine day all hell broke loose and I’ve lost most of my savings. The only reason I had invested in GARI was because Salman Khan had several times promoted it,” an investor named Priya Nardele told the news portal.
Another investor, Aneesh Matthew told the same publisher, “For most of us, Salman Khan was a big factor. I personally invested in the token because he had promoted the app several times. We believe in him, and thought this could make us rich.”
Tune in to Koimoi for more on Bollywood