- GARI airdrop as the Chingari app is also set to integrate the GARI token on 5 February.
- Social app Chingari is making it easy for creators and influencers monetize content, giving them a lucrative platform to earn crypto and non-fungible tokens (NFTs)
- India appeared to recognise crypto with a tax proposal on Tuesday
GARI token, the first social cryptocurrency token in India, has surged more than 100% this past week.
Over the past 24 hours, Garicoin price is up 20% and the GARI/USD pair has seen an intraday volume of $31.8 million according to data from CoinGecko. Daily trading volume is up 78%. GARI is even the top bullish trend on the USDT pair on the crypto exchange Gate.io, with over 160 tweets in the last hour about the token adding to the fact that this coin is hot.
GARI/USDT traded at lows of $0.25 on 24 January but rallied to $0.63 on 1 February 2022. Currently, it trades around $0.62. Its all-time high is $0.78, reached on 18 January 2022.
Here is a chart of the GARI/USDT pair. Source: TradingView
But what is making the relatively unknown crypto token command such volume and interest from the crypto community?
Why GARI token rallied tenfold this week
The 100% upside seen in the Garicoin token is down to excitement among users of the Chingari App, a top social platform in India with over 32 million active users.
India has a population of 1.38 billion people, giving the app room for further growth and potential price implication for the GARI token.
The app is powered by the GARI token, which was launched in late 2021 and reportedly moving towards integration into the popular app later this week. An airdrop towards has been ongoing as the launch nears.
The momentum seen in the day could also be down to the crypto community’s reaction to the Indian government’s signal that they may not ban cryptocurrencies after all. This happened as the country sought to introduce a 30% tax on crypto income, including NFTs.
— Crypto Pasha (@cryptopasasi) February 1, 2022
Since its launch on October 16 last year, the GARI token has carried somewhat of a celebrity aura around. The appearance of Bollywood star Salman Khan and other household names at the launch of the crypto-focused social platform Chingari highlighted it to the crypto community in India.
Over the past two months or so, a growing pool of content creators and influencers seeking to monetize their talent has flocked to the blockchain-based platform, elevating demand for the GARI token.
The growth in NFTs is also a key factor in the increased demand for the coin, with users earning NFTs and monetizing them through features such as play-2-earn.