How to Buy Gari Network (GARI) - Ultimate Guide

2022/02/15 09:41:29

The era of fast-paced content is only just getting started, and many crypto streaming platforms are trying to rival the western giant TikTok, especially after its 2020 ban in India. Chingari, an India-based social media platform, has emerged as one of the main contenders, with over a million downloads just 15 days after its 2020 rebranding. Its customer base has increased to a whopping 50 million in February 2021, now surpassing the 100 million mark as of February 2022.

Chingari disrupted the influencer and video creator economy in India by sharing a whopping 30% of the revenue earned on the platform with the creators - a much higher slice of the pie compared to its competitors. Chingari was also in the news in January 2022 for successfully closing a $15 million fundraising round led by Republic Capital. The capital raised in the most recent round will help the popular video sharing app launch new features and add more members to its team, in addition to expanding its focus on marketing initiatives to attract a wider user base.

Continuing its streak of innovation, Chingari now brings its users to the blockchain space by introducing Gari Network. Let's explore how to buy Gari Network (GARI) token.

What is Gari Network?

Gari Network is India’s first social media cryptocurrency that powers the Chingari application, and introduces its users to the crypto and blockchain space. The goal of Gari Network is to empower both creators and viewers on the Chingari App with technological tools so they can easily and directly interact with each other, while also allowing all users on the Chingari App to participate in the long-term direction of the social economy impacting the GARI Token.

There are a total of 45,800,000 GARI tokens as per the self-reported circulating supply shown on CoinMarketCap. The token’s total supply is capped at 1,000,000,000.

The GARI Token is interconnected with the Chingari App, introducing Chingari application users to the blockchain world where they directly control their assets and can use their GARI tokens to connect and transact with their counterparties, participate in the governance system, and catalyze platform engagement.

With GARI, video creators and digital artists can now earn cryptocurrency by creating and sharing their content. Additionally, they are introducing their audience with watch-2-earn, engage-2-earn, and play-2-earn systems within the Chingari app. GARI acts as both an in-app currency and a governance token.

The fact that Chingari passed on its popularity to the Gari Network is proven by the GARI token launch trading volumes, which exceeded $100 million across multiple exchanges.

Where to Buy GARI Token

While GARI is a relatively new cryptocurrency, it being backed by the Chingari app has opened a lot of doors for the project. The easiest and quickest way to buy and sell GARI is through a cryptocurrency exchange. GARI is supported by numerous exchanges, all having their pros and cons - therefore, it is crucial that you make the right choice.

It is advised that you do your research on the transaction fees, supported payment methods, as well as exchange commissions associated with the different exchanges in your region before you make your choice. After GARI made its debut on crypto trading platforms, KuCoin has become one of the most liquid markets for GARI trading, with tight spread and fast execution.

KuCoin currently offers GARI/USDT trading pair for users.

How to Buy GARI on KuCoin

The process of buying GARI is quite simple and straightforward. Here are the four steps you need to do in order to buy GARI on KuCoin:

Step 1: Register an Exchange Account

The first step in the process of buying GARI is for you to select the exchange that suits your trading needs. Different cryptocurrency investors have their own unique requirements, needs, and wants, dictating the exchange they ultimately choose.

Registering an exchange account with KuCoin is a very straightforward process, and it will only take a couple of minutes.

Step 2: Deposit Funds to your Account

The second step involves depositing funds to your account, which will then allow you to purchase GARI tokens.

Depositing funds on KuCoin is as simple as heading over to your account page, and sending your crypto holdings to the address provided by the exchange. If, on the other hand, you don’t currently own any cryptocurrency, you could buy some through KuCoin’s Fast Buy system, its peer-to-peer exchange, or by interacting with third-party sellers.

KuCoin supports cryptocurrency purchases through bank accounts, as well as credit and debit cards.

Step 3: Buy GARI

Now that you have a fully-funded KuCoin account, it’s time to buy some GARI tokens.

All you have to do is head over to KuCoin's spot trading section. Search for the GARI/USDT pair, and enter the number of USDT that you wish to exchange for GARI. The exchange will display the price of GARI, the fees that you will incur, as well as the amount of GARI that you will receive.

Once you confirm the transaction details, all that is left to do is wait for a few seconds as KuCoin processes this transaction. Transactions with KuCoin are processed almost instantly.

Step 4: Store in a Crypto Wallet

Once the transaction has been successful, you now officially own GARI tokens! You will be able to see the tokens in your crypto wallet, trade them for another cryptocurrency, or withdraw them from the exchange. After buying GARI tokens on KuCoin, you need a place where you can store them safely.

You can either store them on KuCoin itself, or transfer them to an external wallet.

Using KuCoin to store GARI tokens

If you are a trader, the best option is to store your GARI tokens somewhere where you can access them easily. If you wish to regularly trade crypto, then it is paramount to hold it in a wallet that makes it as easy to buy and sell GARI as possible.

Using Offline/Hardware Wallets to store GARI tokens

On the flip side, if you wish to purchase Gari Network tokens and hold them for the long term, it would be good to store them in a wallet where you are the custodian of your funds. Gari Network has announced the launch of its own token wallet in Q1 2022.

What is the Price of GARI Token?

The GARI/USDT trading pair is currently consolidating in a narrow range of $0.5220 to $0.4437 (₹39.38 Indian Rupee to ₹33.48 Indian Rupee). GARI surged just under 8% in the past 24 hours. If we take a look at the 4-hourly timeframe, the token has formed a symmetrical triangle pattern, indicating the investor's indecision, which would push the price to move in either direction. A surge in demand may serve the GARI token above $0.5220 (₹39.38 Indian Rupee), bringing it to immediate resistance levels of $0.6445 (₹48.62 Indian Rupee). On the upside, the triple top pattern could form resistance around $0.6970 (₹52.59 Indian Rupee).

On the downside, the $0.3335 (₹25.16 Indian Rupee) and $0.2538 (₹19.15 Indian Rupee) levels are acting as immediate support.

GARI Price Chart on the Daily Timeframe | Source: GARI/USDT

GARI has seen a sharp increase in price after a week of slightly-bearish movement. The GARI token is 54% below its peak price of $1.05 (₹79.5 Indian Rupee).

Should I Buy Gari Network (GARI) Tokens?

The high level of market risk and uncertainty associated with trading altcoins means that it is almost impossible to know whether or not something makes a good investment. With all the different factors that have to be considered, such as the fundamentals, technicals, as well as sentiment analysis of the crypto prices, there simply is no way of reliably getting accurate investment advice.

However, in order to make a sound judgment, it is essential to understand the Gari Network ecosystem and its utility within Chingari.

Closing Word

Gari Network is a promising, well-funded project with the backing of one of the largest social media platforms in the world, Chingari. The ecosystem provides utility to the platform and allows both the content creators and the viewers to benefit from engaging with the system.

The project certainly looks like a step in the right direction for this innovative company trying to push its way to the top of the social media ladder.