Cryptocurrency News

Chingari’s Social Token GARI Tops $100M in Trading Volume in the First Day After Going Live on 12 Crypto Exchanges

By January 20, 2022 No Comments

Key takeaways:

  • GARI token’s trading volume surpassed $100 million on the first day after debuting on 12 crypto exchanges, including OKX, Huobi Global, and KuCoin
  • Chingari is India’s fastest growing short-video sharing platform, boasting 35 million active users and 110 million downloads
  • GARI is currently up more than 225% compared to its OKX initial sale price of $0.20, which is good for a $30.3 million market valuation

Chingari’s social token GARI has enjoyed huge success on its first trading day after going live on 12 crypto exchanges, including OKX, FTX, and KuCoin, on January 18. GARI topped $100 million in trading volume, showcasing strong community engagement and interest in one of India’s fastest-growing social media apps.

GARI token volume surpasses $100M as the leading social token gains more than 200% in a single day

Chingari is India’s quickest growing short-video sharing social media platform, sporting 35 million active users, 110 million downloads, and in excess of 160 million content views per day. On January 18, the much-anticipated launch of GARI across 12 international digital asset trading platforms drew an enormous amount of interest from the broader crypto community, generating more than $100 million in trading volume and pushing the price of GARI up by more than 200%.

GARI serves as the backbone of Chingari’s social network, allowing users to directly engage and support their favorite artists and content creators, while giving creators the opportunity to monetize their videos and merchandise in a way that’s not possible on traditional social media platforms, like Facebook or TikTok.

Chingari’s CEO and co-founder Sumit Gosh stated he was excited about GARI’s impressive international debut and added:

“Cryptocurrency in India has been untapped when it comes to the curators and with GARI we would be capturing the potential market. We shall be maintaining the leadership position across the short video apps platforms.”

Last December, Chingari reached a major milestone when it claimed the top spot on India’s Google Play, beating out social media giants Facebook, Instagram, and Snapchat for number one spot.

GARI has a circulating supply of 45.8 million, and a max supply capped at 1 billion coins. Solana-based DLT architecture allows GARI to facilitate up to 65,0000 transactions per second (TPS) while retaining extremely low transaction costs, which provides ample opportunity for various NFT use cases and seamless distribution of crypto incentives.

At the time of this writing, GARI is trading at $0.6673, up more than 225% in comparison to its OKX initial sale price of $0.20 (expressed in USD).