African Country's Meme Coin Became a Victim of Skeptics: Price Dropped 97% from the Peak! - Coin Bulletin

The CAR meme coin, initiated by the Central African Republic, lost 97% of its value from the peak price in just 24 hours.

The Central African Republic had created a great excitement with the CAR meme coin it launched last Sunday. President Faustin-Archange Touadéra introduced this new token to support the country's development and promote it globally.

The CAR, launched as the official meme coin of the Central African Republic, had reached approximately $894 million in market value by Monday morning, rising to $0.89. However, the token experienced a significant drop of 96.7% within 24 hours after reaching its peak, falling to $0.029 on Tuesday morning. Its market value dropped to $29 million and recorded a 24-hour trading volume of $143.4 million.

The project had raised suspicion

The first announcement regarding the project was made by the Central African Republic President Faustin-Archange Touadéra. Touadéra, as the second head of state to recognize Bitcoin as a legal tender, believes in the global benefits of cryptocurrencies and advocates that the CAR token will support the country's development.

However, the suspension of the X account opened for the promotion of the memecoin and the low-quality videos shared by President Touadéra had led to a loss of trust. Moreover, allegations that 80% of the token's supply was collected at specific addresses and quickly generated significant profits have also increased concerns.

The exposure of Nasdaq's and former Malaysian Prime Minister Mahathir Muhammed's X accounts to such attacks has unsettled investors.

Despite the significant drop in the market value of CAR memecoin, President Touadéra continued to stand behind the project. In a new statement on the X platform, he emphasized that the memecoin supports social projects such as education.