In a surprising change of events in the world of cryptocurrency, the Central African Republic’s president, Faustin-Archange Touadéra, took to social media to declare the launch of a new meme token, $CAR.
The announcement has sent the crypto world into a frenzy, with the token seeing an eye-popping rush of price gains, which saw it hit a $900 million market cap in the matter of hours. But as the token started to really take off, some strange stuff has unfolded, including the revelation that the president’s announcement video was actually AI-generated, and that the token’s official account has apparently been suspended. Still, with some exchanges even listing $CAR, it has seen a huge amount of interest and trading.
The crypto world was buzzing with excitement when Donald Trump’s launch of the $TRUMP token set the stage for meme coins to gain even more traction. Now, with the announcement of the $CAR coin, President Faustin-Archange Touadéra has led the Central African Republic into the meme coin race. The timing couldn’t have been better, either, with the launch quickly attracting the attention of traders around the world. In just a few hours, $CAR achieved a market cap of $900 million, an incredible feat for a token that had just made its debut
The token’s growth was not without controversy. The president shared an announcement video that was later confirmed to be produced by AI, raising questions about the authenticity of the move. Adding to the mystery, the token’s official @CARMeme_News account was swiftly suspended. Despite some suspicion-filled moments, $CAR continued gathering steam, and its market cap soon crossed over $560 million just seven hours into its existence.
With the increasing excitement around $CAR, savvy traders have pounced on the opportunity to profit from the burgeoning price. Yet one trader, going by the handle 4v7nG, appears to be doing something a bit different and potentially a lot smarter. In the last three hours, 4v7nG has executed a massive trade, converting 101,874 $TRUMP tokens — valued at a not-so-paltry $1.52 million — into 2.495 million $CAR tokens, with an average price of $0.609 per CAR.
Following a pattern of successful trades, 4v7nG just sold 54,368 $TRUMP tokens for a total of $2.64 million. This was a small 3.7% price drop from where $TRUMP was sitting immediately prior to the trade. Despite this slight drop, $3.28 million in profits (from trades already made) still puts 4v7nG in a position of solid profitability with $TRUMP. The trader has also successfully sold other meme coins, including $PNUT and $GOAT, for profits that netted them a 477% return on one and a 132% return on the other.
4v7nG’s latest move reflects their capacity to find advantageous situations in the unpredictable world of meme coins. Their trade in $CAR could, might, as we say, yield even more significant returns if the token keeps climbing.
Not only individual traders but also prominent figures in the meme coin space are profiting from $CAR’s rise. One such individual, whose wallet address is 7rCbH…s5jt5, appears to have taken advantage of the early stage of the token’s launch to acquire a giant stash. In the first half hour after $CAR went live, this trader spent 200 SOL (around $48,000) to acquire 14.54 million $CAR tokens at a price of just $0.002725 per token.
As the token increased in worth, this astute trader commenced selling off their $CAR tokens in groups, with an average price of $0.375 per token. This move was highly lucrative, as 7rCbH…s5jt5 realized a profit of $3.08 million USD — a breathtaking return of 7786%. Liquidating this position significantly affected the market, and the next few paragraphs will highlight exactly how much and what this means. If nothing else, it educationally emphasizes the point that when trading meme coins, entering early and liquidating while peaking are stratospherically advantageous strategies.
Although the CAR meme coin is enjoying a major upswing, many experts are asking if it can keep the momentum going over the long haul. An announcement video that looks like it was generated by an AI and a very questionable @CARMeme_News account make me wonder just how seriously we should take this project — and how seriously it’s even taking itself. Yet, the token’s upswing is for real, and it has an actual head of state endorsing it. So, what’s the verdict on CAR? Is it a fraud? Is it a revolutionary new digital currency? Or is it just what meme coins tend to be: a ridiculously volatile good time?
Like any meme coin, the future of $CAR is uncertain. Early investors and traders are making huge returns, but new investors need to be careful. The buzz around the token could very quickly disappear, and anyone buying in later might take a big hit.
In the next weeks and months, we will see if $CAR can grow beyond its initial buzz and prove to be more than just a short-term trend. The meme coin market is wildly unpredictable, and the $CAR token is no different. Whether it can maintain its market position or will soon join the funereal procession of failed meme coins is something that has yet to know. For now, the token’s performance is providing a captivating spectacle for the handful of investors fortunate enough to be watching, and they’re hoping to leverage that performance before the hype bubble pops and the investing public remembers that meme coins are mostly memes.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.