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Does Chingari follow in the footsteps of Polygon?

Does Chingari follow in the footsteps of Polygon?

One of India’s top crypto prospects, GARI Network, is having a tough time as it struggles to regain momentum after an epic drop in value.

Earlier this month, the GARI token was making good progress, reflecting a broader crypto market that has been moving steadily sideways in recent weeks. That was until July 4, when the price of GARI suddenly plummeted 87%, falling to around 10 cents per token, well below the record high of 98 cents set in February.

As is often the case when a cryptocurrency experiences such a rapid and violent decline, the internet went wild with accusations of “scams,” “hacks,” and “rugpulls” circulating on Twitter and elsewhere.

However, it quickly emerged that the price drop was due to a whale selling over $2 million worth of GARI tokens on the KuCoin exchange, driving down the price of the token at a time when exchanges are struggling to find opportunities in cash. Solscan shows that the holdings in the three main GARI wallets, which belong to the treasury and the GARI network team, remain intact, freeing the company from any irregularities.

Although GARI persists, the price situation has not improved, with GARI trading around 10 cents higher than a week after the spill.

With the Chingari team now in the clear, what seemed like a disaster could actually turn into a huge opportunity for astute cryptocurrency buyers. Those looking for that winning combination of genuine utility and great value could hardly find a more suitable candidate.

In many ways, GARI’s sudden price drop mirrors an incident in what has since become one of the hottest cryptocurrency projects of all: Polygon, the popular Android scaling solution.’Ethereum, whose MATIC token it is currently the 16th most valuable cryptocurrency in the world by market capitalization. .

Getting there hasn’t been easy for Polygon, which began life as the MATIC network in 2017 and launched the MATIC token in early 2019. The project was just one of many Ethereum scaling solutions to launch at this time (in a bear market). At first, he struggled to gain ground. Over time, the project began to attract developer interest, only for disaster to strike in October 2019 when the price of MATIC suddenly dropped by 75% in a matter of minutes.

MATIC fell victim to market manipulation as investors dumped millions of tokens on exchanges in an attempt to make a quick profit at a time when the token was making steady gains. Like GARI, Twitter came to life with false accusations that the team behind Polygon was responsible for the sale. For several days, Polygon teetered on the brink, with developers and investors looking to bail out the fledgling project.

Still, Polygon was eventually able to convince the community that they were not to blame, while moving forward and continuing to develop their solution. Slowly but surely confidence returned and MATIC priced rapidly as consumers realized it could still reach its potential.

Fast forward three years and today, Polygon is considered one of the biggest success stories in crypto. Not only does this help Ethereum scale, but it is also one of the most popular platforms for building Ethereum-enabled blockchains, while the MATIC token has consistently outperformed much of the rest of the crypto market. Building on this success, Polygon is moving forward in the crypto space, including NFTs and Play-to-Earn games.

Polygon weathered the storm by focusing on its product, technology and innovation and delivering on its promises. Their efforts were amply rewarded, with MATIC eventually reaching an all-time high of $2.92 in December 2021, after trading as low as two cents at the time of its previous drop.

The resounding success of Polygon will assure Chingari that GARI too can eventually bounce back and grow to new heights. What is clear is that GARI has all the necessary ingredients to regain its momentum. In fact, it even has some advantages that Polygon did not: it has very few competitors, a potential user base in the millions, and genuine utility that sets it apart from most other cryptos. Like Polygon, all the team has to do is continue to fulfill its mission of building a new “build to win” economy, and better days are sure to come.

Image Source: TipRanks

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