A post about the launch of the $CAR meme coin appeared on the official Twitter account of the President of the Central African Republic (CAR), Faustin-Archange Touadéra. According to the message, the token was launched as part of an experiment to demonstrate how a simple meme coin could unite people and contribute to the country's development.
The token was launched on the pump.fun platform, with an initial price of $0.45, and by Sunday evening, its market capitalization exceeded $374.4 million. However, since its launch, the meme coin has raised numerous questions within the crypto community.
Doubtful Project
Immediately after the announcement, several crypto analysts and traders voiced concerns about the legitimacy of the initiative. X user Skynet Insights urged people not to buy $CAR, stating that over 80% of the token’s supply is controlled by several addresses linked to the creators. According to them, over $15 million has already been withdrawn, and 70% of the supply remains with the developers.
Yokai Ryujin, founder of Unrevealed XYZ, also questioned the authenticity of the project. He pointed out that the domain for the meme coin was registered through a cheap service, Namecheap, and the launch occurred at 1:00 AM local time. The domain was later blocked, further fueling suspicions.
Speculation Amid the Hype
Despite the uncertainty surrounding the project, some traders managed to profit from the meme coin. According to Lookonchain, one smart money turned $5,000 into $12 million in just three hours after buying 46.57 million $CAR tokens right after the contract was published, with a 2450% profit.
Another investor bought 49.6 million tokens for $4,905 before the contract went live, but sold them for just $5,957, missing the peak of the price surge. Later, they purchased $CAR for $27.4k and earned $440k.
Another major player bought $CAR for 200 SOL ($5,450) shortly after the launch and then sold the tokens at an average price of $0.375, increasing their investment 7,786 times, earning $3.08 million.
According to CoinGecko, in the last 24 hours, the asset’s price has dropped by 63.1% to $0.286, and its market capitalization has fallen to $246.36 million.
