CAR Meme Coin Crashes 70% After Scam Allegations, Here's All

Highlights

Central African Republic's CAR meme coin crashes alarmingly despite backing from the nation's president.
The meme coin sees a bearish move amid scam allegations and unclear project details.
CAR price erased 70% of its value promptly after its launch.

CAR meme coin soon fell from grace as its price plummeted nearly 70% amid scam allegations promptly after the crypto’s launch. Notably, the meme coin announced by the Central African Republic President Archange Touadéra has crashed from a $0.79 to $0.19 price level as market watchers deem the token to be a rug pull due to unclear tokenomics and details on the project.

Let’s delve deeper into the recent developments surrounding the newly launched token that rationalize why market watchers are cautious about this meme-themed asset.

Here’s Why CAR Meme Coin Slumps 70% After Launch

Notably, the CAR meme coin was unveiled by President Archange Touadéra in an X post on February 10. The President stated that the project is an experiment curated to show how ‘something as simple as a meme can’ drive growth and development in a peculiar way.

President Archange Touadéra X post — Source: President Archange Touadéra, X

The newly launched meme coin promptly gained significant traction in light of Touadéra being the second president in the world to adopt Bitcoin as a legal tender. Further, CoinGape recently revealed that a crypto trader turned a mere $5K into a $12 million profit by betting on the coin within seconds of the President’s announcement.

However, the hype was not long-lived, as the meme coin’s price soon crashed amid scam allegations and unclear details on the project. WuBlockchain posted on X that the token’s site is currently inaccessible. Also, CoinGape found that the same site, as revealed in the President’s post, is not accessible as of press time. This saga has presented market participants with severe uncertainty.

Jupiter Fonder Sheds Light On The Matter

In a series of X posts on February 10, Solana DEX Jupiter founder, popular as meow on X offered vital insights into the CAR meme coin saga. According to the posts, the founder tried to get in touch with the CAR office for additional info on the token.

Notably, meow requested the President to change the token’s link on their homepage, as it linked to the Jupiter homepage, and instead wanted them to use the direct ‘token swap link.’ Moreover, the founder revealed that Jupiter also got in touch with the team who deployed the coin.

Notably, Jupiter verified the deployment team by doing a number of ‘on-chain txns live.’ However, no off-chain confirmation regarding the project was made, with uncertainty prevailing. The uncertainty comes about whether this project is official from the CAR office, why Namecheap suspended it, and the ownership of the rest of the circulating supply.

CAR Price Slumps 70%

In the aftermath of the abovementioned developments, the CAR meme coin’s price crashed 75% intraday and is currently resting at $0.1961. The meme coin’s 24-hour low and high were $0.1925 and $0.7927, respectively. Traders and investors remain bearish on the asset amid unclear details on the project.

Simultaneously, an official confirmation about the project off-chain could aid in a recovery ahead. The broader crypto market trend also remains bearish at the moment, an alarming cause for the meme coin’s price to take further heat. The uncertainties presented by this newly launched token underscores the dynamic and risky nature of cryptocurrencies.

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Jupiter (JUP)

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