President Faustin-Archange Touadéra highlighted the initiative as an experiment to unite people, boost national development, and position CAR uniquely on the world stage.
Shortly after the launch, a trader turned $5,000 into $12 million within three hours, achieving a 2,450x return by purchasing and selling CAR tokens.
However, the token’s price has since plunged 69% from its high, causing losses for latecomers.
The Central African Republic launched its own meme coin CAR on the Solana blockchain network riding on the meme coin mania. This comes as meme coins have gained a lot of prominence following the launch of TRUMP meme coin and MELANIA meme coin , showing that even top global leaders are willing to ride this wave.
Speaking on the development, the President of Central African Republic Faustin-Archange Touadéra :
“Today, we are launching $CAR – an experiment designed to show how something as simple as a meme can unite people, support national development, and put the Central African Republic on the world stage in a unique way.”
“Today, we are launching $CAR – an experiment designed to show how something as simple as a meme can unite people, support national development, and put the Central African Republic on the world stage in a unique way.”
Touadéra is the second global leader to adopt Bitcoin as legal tender, reiterated his belief in cryptocurrency’s transformative power.
Trader Minted $12 Million on Solana-based CAR Meme Coin Launch
Soon after the announcement, a trader turned $500K to a staggering $12 million in less than three hours minting a nearly 2,500% return in a very short time period. Blockchain analytics platform Lookonchain reported that a savvy trader turned active soon after Central African Republic President Faustin-Archange Touadéra shared the contract address for the newly launched $CAR token. Using 25 $SOL (approximately $5,000), the investor purchased 46.57 million $CAR tokens within one second of the announcement.
Shortly after, they sold 22.65 million $CAR for 8,395 $SOL (worth $1.67 million), while retaining 23.92 million $CAR tokens valued at $10.5 million. This swift maneuver resulted in an overall return of 2,450x, with profits exceeding $12 million.
However, there have been other traders who have been trapped as CAR price came quickly crashing thereafter.
CAR Price Pump and Dump, and Tokenomics
The CAR meme coin is seeing major pump and dump activites crashing more than 69% from its peak, as per the latest . As of press time, CAR price is trading at $0.2371 with its market cap falling from the peak of $600 million earlier today, to now at $237 million. The official CAR meme coin website outlines the tokenomics of the project as follows:
However, what is more concerning is that a large part of meme coin has been concentrated in just two wallets. Data from Solscan reveals approximately 33% of the total supply resides in one wallet, 25% in another, 9.81% and 8.39% in two additional wallets.
Notably, the 20.7% allocation earmarked for the liquidity pool has yet to be deposited, raising questions about the transparency and execution of the tokenomics plan. This discrepancy has drawn attention from investors and analysts alike.