Ah, the alluring siren song of FOMO, how it lures the unsuspecting investor into its treacherous waters. Our protagonist, a trader with a penchant for risky ventures, decided to partake in the latest crypto craze: the $CAR token. Launched with much fanfare, the memecoin of the Central African Republic promised untold riches, and our hero was not one to miss out on such an opportunity.
With a wallet address as eloquent as 4v7nG…jzD, our protagonist invested a staggering $1.9 million into 3.6 million $CAR tokens at an average price of $457,000 per million. Alas, the gods of cryptocurrency had other plans.
— Lookonchain (@lookonchain) February 10, 2025
Within a mere 10 hours, the price of $CAR plummeted, leaving our trader with a measly $441,600. Despite controlling 99.94% of the total supply, our hero was left with a crushing unrealized loss. A cautionary tale, indeed.
The $CAR token, hailed as the official memecoin of the Central African Republic, briefly reached a market cap of $527 million. However, the excitement was short-lived. A promotional video featuring CAR President Faustin-Archange Touadéra was flagged by two AI detection tools as a possible deepfake, casting a shadow of doubt over the entire project.
Touadéra’s official X (formerly Twitter) account had described the token as an “experiment” meant to help national development and global recognition. The token launched on Pump.fun at 10:25 PM UTC, drawing in traders eager to cash in. But as questions about the video’s authenticity spread, trust in the project collapsed, dragging the token’s price down with it.
Blockchain data from Lookonchain revealed that our trader did not sell even one token, leaving the $1.9 million investment locked in a deep loss. A poignant reminder of the risks of speculative crypto trading, especially in the wildly unpredictable memecoin space.
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2025-02-10 17:40