A trader invested $1.9 million into 3.6 million $CAR tokens at an average price of $457,000 per million, but within just 10 hours, that bet turned into a nightmare as the price of $CAR dropped, wiping out 77.08% of the trader’s investment.
The trader, linked to the wallet address 4v7nG…jzD, bought 3.6 million $CAR tokens at an average price of $457,000 per million tokens, hoping to make a quick profit. But when the token’s price crashed, their holdings dropped to just $441,600. Even though they controlled 99.94% of the total supply, they were left with a massive unrealized loss.
The $CAR token launched on February 9, promoted as the official memecoin of the Central African Republic (CAR). It gained huge attention, briefly reaching a $527 million market cap.
However, the excitement didn’t last. A promotional video featuring CAR President Faustin-Archange Touadéra was flagged by two AI detection tools as a possible deepfake. This raised serious doubts about the project and caused panic among investors.
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 the trader did not sell even one token, leaving the $1.9 million investment locked in a deep loss. It is an extraordinary example of the risks of speculative crypto trading, especially in the wildly unpredictable memecoin space.
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