This Indian token defied gravity amid crypto selloff to rally 40%

economictimes.indiatimes.com:

crypto markets, India's own Gari token has risen about 40 per cent in the last 24 hours after blockchain launched the Gari mining program. The Gari token is powered by ChinGari, a social media platform for content creators. Under the newly launched mining program, creators and users will get Gari tokens to watch, like, share and comment on the content on the platform. Chingari is among the world's fastest-growing on-chain social apps and claims to host 4 crore monthly average users (MAU). Chingari has become the first social app in the world to offer crypto to its creators and users on the platform.

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Fan tokens or sports crypto are digital assets that enable sports teams, leagues, clubs, associations and players to strengthen fan engagement.

Under this Create-2-Earn (C2E), Watch-2-Earn (W2E) and Engage-2-earn (E2E) program, creators and users can earn Gari, a social token for doing in-app activities including creating, liking, and sharing videos. Following the announcement, Gari token rallied about 40 per cent to $0.84 on Wednesday but lost some of its steam, and was last trading at $0.81, the data from Coinmarketcap suggested. However, the volumes of the token took a big hit, falling as much as 44 per cent, as tokens worth $21.37 million exchanged hands in the last 24 hours. The project claimed a market cap of 37.5 million at the time of writing the report. According to a release from ChinGari, the Gari tokens will be distributed to the creators from a daily pool of 50,000 tokens, out of which 5,000 tokens will be set aside for the daily login bonus. The remaining 45,000 Gari will be rewarded to the users/creators for enjoying in-app activities including watching, liking, and