The Central African Republic (CAR) launched its Solana-based meme coin, $CAR, aiming to leverage the global meme coin trend.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
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 TRUMP $11.06 24h volatility: 0.3% Market cap: $2.21 B Vol. 24h: $434.03 M and MELANIA meme coin MELANIA $0.72 24h volatility: 6.0% Market cap: $107.17 M Vol. 24h: $35.27 M , 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 noted:
“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.
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 SOL $125.9 24h volatility: 1.2% Market cap: $64.09 B Vol. 24h: $2.61 B (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.
The CAR meme coin is seeing major pump and dump activites crashing more than 69% from its peak, as per the latest CoinGecko data. 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.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
