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GARI Token is making waves in India: Here are the reasons Garicoin has risen 100% in the last week

. 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…

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  • 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 record high is $0. 78, reached on 18 January 2022.

Here is a chart of the GARI/USDT pair. Source: TradingView

But what makes the crypto token, which is relatively unknown, so popular and popular in 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 is home to 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 that day could be attributed to the reaction of the crypto community to the Indian government’s signal to allow cryptocurrency trading. This happened as the country sought to introduce a 30% tax on crypto income, including NFTs.

In #India Crypto is legal from now!

And $GARI is an Indian Coin.

Very very new coin. It is also being listed on many exchanges. I am jumping into $GARI @GariToken #gari #btc #bitcoin

— Crypto Pasha (@cryptopasasi) February 1, 2022

Celebrity ambassador

Since its launch on October 16 last year, the GARI token has carried somewhat of a celebrity aura around. Bollywood superstar Salman Khan was among the celebrities who attended the launch of crypto-focused social media platform Chingari.

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 of NFTs is another key factor in the increase in demand for the coin. Users earning NFTs are monetized through features like play-2-earn.

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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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