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Billions of dollars in value have been wiped from the crypto market in the first few months of 2022. Crypto winter has arrived and we’re firmly into bear market territory. The Fear and Greed Index suggests sentiment is about as low as it gets, with the bulk of investors experiencing extreme fear about the prospect of their crypto holdings.
But for seasoned investors, the bear market is nothing new. Wiser hands will realize that bear markets aren’t always a bad thing. On the contrary, for those who truly believe in crypto, there are a lot of positives when prices are low.
The bear market causes prices to crash, and these days some of the most promising coins in the industry are cheaper than they’ve been in months. That means rich pickings for those who believe in dollar-cost averaging, as they’ll be able to scoop up more tokens for pennies on the dollar. If you’re looking to accumulate, now is the time to make a move.
For instance, there’s never been a better time to get in on what is one of the hottest crypto projects emerging in India right now. GARI, the native platform token of the Chingari social media app, has seen its price fall quite dramatically in recent weeks, and is now cheaper than it has ever been, according to the all-time data chart from Coingecko.
There are good reasons to think this is just a temporary market blip. Until recently, GARI had held its own amid this bear market, with its value consistently hovering between 60 cents and 80 cents, even as major tokens like Bitcoin, Ethereum and others were in a downward spiral. So there’s reason to think it can bounce back.
For inspiration, we need look no further than another top Indian crypto project. Polygon, the Ethereum scaling solution, endured a similar hiccup early in its lifetime, with its price famously crashing by more than 70% just a few months after its launch. In both cases, it quickly became clear that the price drops had nothing to do with either project’s fundamentals. GARI’s price drop was almost certainly linked to the fact that a whale decided it was an opportune moment to dump a big bag of coins worth more than $2 million. He or she did so at a moment when crypto exchanges across the board are facing a severe liquidity crunch – especially in India – exacerbating the impact on its price. The same thing happened with Polygon’s MATIC token back in 2019. A market manipulator dumped their holdings in the middle of a bear market, causing sheer panic among already spooked investors.
But Polygon investors who held their nerve were to be richly rewarded. The project has long since emerged as one of the most successful in the industry. Today, MATIC is the 15th most valuable cryptocurrency in the world with a market capitalization of more than $5.5 billion, with its individual token worth 69 cents at today’s prices – well above its 2019 low of under 2 cents. At one point, late last year, it hit an all-time high of $2.92
So could the same thing happen to GARI holders? There’s every reason to believe that it can, even if the two projects are markedly different. GARI is designed to power Chingari’s idea of a “create-to-earn economy” that will reward users for creating and sharing content on its app, and it has a huge audience. With the launch of GARI earlier this year, Chingari brought with it more than 40 million active users on-chain, introducing them to the world of crypto for the first time. Uptake has been fairly rapid too, with more than 800,000 unique wallets created since the GARI mining program went live.
The reality is that bear markets are a part of life. Crypto goes down and crypto goes up, but so long as a project has a genuine use case, and a captive audience, it will surely bounce back from the lows to reach a new all-time high. If you believe social media has a future, and that creators will want to make the most of that future, there can hardly be a better bet than GARI.
