There is a lot going on regarding the GARI token after its sudden crash on 04 July 2022. Its price dropped by 87% reportedly after a single large sell order of $2 million by a whale on the Kucoin Exchange.

The price fell from 0.77 all the way down to 0.027. The coin struggled to bounce back but was only able to touch 0.239, but fell back all the way down to 0.095 – 0.105. During the downfall, the Gari coin found support at 0.1250. After consolidation, the price fell further down to where it is roaming today.

This sudden crash ensued public outrage. Investors backlashed calling the project a scam. Some called Gari, Luna 2.0.

Is Gari really a scam project? Is there any hope that GARI would bounce back? Let us do some technical and fundamental analysis of the project before reaching a conclusion.

What do Technical & Fundamental analyses show?

As of the date of publication, the Gari token is on its strong support @ 0.0932. For the past few days, Gari is consolidating in this region. It made a double bottom at this price and suddenly bounced back.

After consolidation, Gari will either break out or break down. This actually also depends on other fundamentals that we will discuss.

If we have a look at trading volume, it is declining. According to Coinmarketcap, the current trading volume is $5,631,014; 28.63% down in 24 hours.

If we talk about Gari’s Market Cap, its current market cap is $4,464,345. This is currently a self-reported market cap by the project and the CMC team has not verified it. Moreover, Solscan highlights that the current supply of Gari tokens is 999,999,999.99

As Volume is decreasing whereas supply is increasing; the team is neither burning nor buying back the coins; moreover, investors losing confidence in this project; all this points to the bleak future that holds that GARI is not going to soon recover any soon.

Titans Ventures has raised some serious allegations about the Gari project team. Their research shows how the Gari team has scammed the investors. While we hold a neutral stance on it, we are really looking forward to the Gari team coming up with some solid explanation for this.

Gari is not a Scam Project

While all the above indicators somehow point out that Gari is a scam, there are some facts that say otherwise.

First of all, when Gari crashed, the team took no time in giving an explanation for this. The team has denied the allegation that this was a rug pull. It held that the crash is a black swan market event caused by a huge sell order.

Furthermore, the team has assured that it would bounce back stronger.

We can see that team is active on its Telegram channel and answering the community. It somehow reestablishes some confidence in the project.

Furthermore, we can see that Gari is backed by Chingari App having a huge user base. It has 50 Million + downloads on Playstore.

Recently, Gari has become the third largest project on Solana with 8 lac active wallets.

All these facts somehow point to the fact that Gari has got great potential and will bounce back sooner or later.

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