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

CAR meme coin quickly fell from grace as its value plummeted practically 70% amid rip-off allegations promptly after the crypto’s launch. Notably, the meme coin introduced by the Central African Republic President Archange Touadéra has crashed from a $0.79 to $0.19 value stage as market watchers deem the token to be a rug pull as a result of unclear tokenomics and particulars on the venture.

Let’s delve deeper into the current 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 submit on February 10. The President said that the venture is an experiment curated to point out how ‘something as simple as a meme can’ drive development and improvement in a peculiar approach.

The newly launched meme coin promptly gained vital traction in gentle of Touadéra being the second president on this planet to undertake Bitcoin as a authorized tender. Further, CoinGape not too long ago revealed {that a} crypto trader turned a mere $5K right into a $12 million revenue by betting on the coin inside seconds of the President’s announcement.

However, the hype was not long-lived, because the meme coin’s value quickly crashed amid rip-off allegations and unclear particulars on the venture. WuBlockchain posted on X that the token’s website is at the moment inaccessible. Also, CoinGape discovered that the identical website, as revealed within the President’s submit, is just not accessible as of press time. This saga has offered market contributors with extreme uncertainty.

Jupiter Fonder Sheds Light On The Matter

In a sequence of X posts on February 10, Solana DEX Jupiter founder, in style as meow on X offered vital insights into the CAR meme coin saga. According to the posts, the founder tried to get in contact with the CAR workplace for additional information on the token.

Notably, meow requested the President to alter the token’s hyperlink on their homepage, because it linked to the Jupiter homepage, and as an alternative wished them to make use of the direct ‘token swap link.’ Moreover, the founder revealed that Jupiter additionally acquired in contact with the staff who deployed the coin.

Notably, Jupiter verified the deployment staff by doing a lot of ‘on-chain txns live.’ However, no off-chain affirmation concerning the venture was made, with uncertainty prevailing. The uncertainty comes about whether or not this venture is official from the CAR workplace, why Namecheap suspended it, and the possession of the remainder of the circulating provide.

CAR Price Slumps 70%

In the aftermath of the abovementioned developments, the CAR meme coin’s value crashed 75% intraday and is at the moment resting at $0.1961. The meme coin’s 24-hour high and low have been $0.1925 and $0.7927, respectively. Traders and buyers stay bearish on the asset amid unclear particulars on the venture.

Simultaneously, an official affirmation in regards to the venture off-chain might assist in a restoration forward. The broader crypto market trend additionally stays bearish in the meanwhile, an alarming trigger for the meme coin’s value to take additional warmth. The uncertainties offered by this newly launched token underscores the dynamic and dangerous nature of cryptocurrencies.

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