Central African Republic Launches Meme Coin CAR on Solana Blockchain
The Central African Republic has launched its own meme coin, CAR, on the Solana blockchain, joining the trend of meme coins popularized by the TRUMP and MELANIA tokens. President Faustin-Archange Touadéra described CAR as an experiment to unite people and promote national development.
Trader Profit from CAR Launch
A trader turned $500K into $12 million shortly after the CAR announcement, achieving nearly a 2,500% return. The trader purchased 46.57 million CAR tokens immediately after the launch using 25 SOL (approx. $5,000) and sold part for 8,395 SOL (about $1.67 million). However, many other traders experienced losses as CAR's price plummeted.
CAR Price Decline and Tokenomics
The CAR token witnessed a significant drop of over 69% from its peak, with the current price at $0.2371 and market cap reduced from $600 million to $237 million. Tokenomics details include:
- 25% for creators' development
- 20.7% for liquidity pool
- 10% for charitable initiatives
- 9.3% for public distribution
Concerns arise as 33% of the total supply is held in one wallet and 25% in another. Furthermore, the liquidity pool allocation has not been deposited, raising transparency issues regarding the project.