Is Gari's crash India's own Luna in the making? Experts say perhaps not!

economictimes.indiatimes.com:

The token's market cap slumped to the $4.4 million mark, as per the data from coinmarketcap, with volumes at more than $8 million, about 1.8 times the entire m-cap. The total and maximum supply of Gari tokens is capped at 1 billion, with its total existing self-reported supply is about 45.8 million tokens, according to the data.

Did you Know?

The Shiba Inu team launched a burn portal to help address the issue of the massive supply of SHIB tokens As of June 29, 2022, more than 400 trillion tokens have been burned to cap supply

The sharp fall has kept the crypto experts, analysts and investors on tenterhooks, baffled over the thought that Gari is India's own Terra (LUNA) in the making. While a few experts agreed to the point hesitatingly, others did not. Seeing the sharp drop in the prices of Solana based tokens, holders started to panic and sold off their tokens, adding to the downward trend, said Edul Patel, Co-Founder CEO, Mudrex. «Gari assured investors on Twitter and Chingari that their tokens have been safe recently,» he added. «It has promised to look into the matter with Indian crypto exchanges, which to an extent, gained their investor's confidence back.» Even after the recent crash, the token still has a solid user base for its incentivising program, which rewards its users and creators for spending time on the app, experts said. On the other hand, market experts' clear communication would have helped Chingari's case and should have informed the users about the change in tokenomics. Sharat Chandra, VP — Research & Strategy, EarthID, said that the tokenomics of Gari was changed abruptly, and the Gari team sold the tokens through a simple agreement for future tokens (SAFT), a token dump