- Central African Republic’s President directly launched its CAR meme coin, boosting its visibility.
- $CAR achieved a $550M+ market cap and $258M trading volume rapidly.
- A trader turned $5K into $12M in hours after the announcement.
President Faustin-Archange Touadéra of the Central African Republic has officially launched a memecoin named $CAR. Announcing the launch on his official X account, President Touadéra also shared the contract address. Within hours, the new meme coin’s market capitalization surged above $550 million, followed by a whopping $258 million in trading volume.
This bold step coincides with President Touadéra’s vocal support for cryptocurrency. Back in July 2022, he rolled out the nation’s first crypto hub initiative to boost its local digital asset sector, declaring, “#Bitcoin is universal money.”
Dubbed the Sango Project, Touadéra spoke on the nation’s vision to have a “common cryptocurrency and an integrated capital market that could stimulate commerce and sustain growth,” at the launch event on 3rd July.
The Sango project, including a “Sango Coin”, was greenlighted by the Central African Republic’s National Assembly and led by Touadera, who said the token would grant access to the country’s “mountain” of natural resources, including gold and diamonds.
Back to the present, the launch of $CAR further solidifies the memecoin’s embrace in the crypto space. Adding to the events, blockchain analytics firm Lookonchain reported an extraordinary trading feat.
CAR: Investor’s Lightning Move Nets $12M Profit in Just Three Hours
One anonymous investor, acting swiftly, turned $5,000 into $12 million in under three hours—a staggering 2450x return. The trader invested 25 $SOL (roughly $5,000) to buy 46.57 million $CAR within a second of President Touadéra’s contract address announcement.
Subsequently, the anon individual sold a portion of their holdings, 22.65 million $CAR, for 8,395 $SOL (approximately $1.67 million), retaining a substantial 23.92 million in the namesake token, valued at around $10.5 million. Their total profit from this lightning-fast maneuver exceeded $12 million.
However, doubts swirl around the meme coin frenzy as one market observer called the president’s video announcement a deepfake. He also claims coordinated fake accounts impersonating Seychelles and Maldives officials have amplified the pump-and-dump scheme.
Hence investing in meme coins, in particular, carries significant risk due to their often community-driven and speculative nature. It is crucial to exercise caution and understand the risks involved before participating in such investments.