CAR token drops 70% after fraud allegations
CAR meme coin crashes nearly 70% amid scam allegations and unclear tokenomics.
CAR meme coin, unveiled by President Archange Touadéra as an experimental initiative to spur economic growth, has crashed nearly 70% amid allegations of scam practices and unclear tokenomics.
The token, which once generated significant investor interest after its launch on February 10, now trades around $0.1961, with critics questioning its legitimacy and sustainability, reports CoinGape.
Rapid Rise and Abrupt Decline
The CAR meme coin was announced via an X post by President Touadéra, who touted the project as an experiment demonstrating how even a meme could drive development. Initially, the token gained widespread attention, and a crypto trader reportedly turned $5,000 into $12 million by betting on the coin within seconds of its launch.
However, the excitement quickly dissipated as the token’s price plummeted from $0.79 to approximately $0.19. Reports from WuBlockchain indicated that the token’s website is currently inaccessible, intensifying concerns about the project’s authenticity. Trading data shows that the coin’s 24-hour low and high were $0.1925 and $0.7927, respectively, and its intraday drop reached nearly 75%.
Legitimacy Questions and Market Uncertainty
In a series of posts on X, the founder of the Solana-based decentralized exchange Jupiter—known as “meow”—revealed he had attempted to contact the CAR office for further clarification on the token. Meow also urged the team to update the token’s link on their homepage, which was erroneously directing users to the Jupiter homepage.
Despite his efforts, no off-chain confirmation regarding the project’s official backing or the ownership of its circulating supply has been provided. This lack of transparency has led many market watchers to label the token as a potential rug pull, while a growing number of investors remain bearish. As uncertainty prevails, market participants await any official clarification that could restore confidence or further dampen sentiment.
Recently we wrote, that the official X account of the President of the Central African Republic (CAR) announced the launch of the CAR memecoin, which, according to authorities, is an experiment to explore the impact of digital assets on national development.
