Black swan event! Salman Khan endorsed token plunges over 90% in a few hours

economictimes.indiatimes.com:

GARI token, a crypto asset endorsed by Bollywood's megastar Salman Khan, has plunged about 90 per cent in the last 24 hours over rumoured hacks and wrongdoings. The Gari Network's GARI token, powered by the social media platform for content creators ChinGari, dropped about 87 per cent to below $0.1 from $0.75 on Wednesday. However, it recovered mildly and was trading at $0.132 on Thursday. Even the volume of the token has taken a big hit, which has plunged to half in the 24 hours. Tokens worth $56.43 million were traded in the last 24 hours, suggests data from Coinmarketcap.

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In the wake of the crypto market crash, the prices of hardware used to support the mining of crypto assets are also falling dramatically. For example, a high-end graphic card is now almost 45% cheaper compared to its price a few months ago.

The total market cap to Gart Network tumbled to merely $6.25 million at the time of writing this report. There are a total 45,800,000 tokens in circulation, with a maximum cap at 1,000,000,000 GARI tokens. Gari token, the native token of Chingari App, is based on the Solana blockchain. Chingari has had over 50 million downloads on Google Play, with its largest user base in India. However, the developers have refuted the allegations reported by various media platforms. Their statement added that the drop was likely due to a single sell order of over $2 million by a large token holder that affected the price. Furthermore, the GARI network, in a Twitter thread, said that there has been no hacking or exploiting of token contract. It blamed KuCoin, where the dumping began, which led to a cascading effect and sharp erosion in the price. «The $GARI token was affected majorly on