With the growing adoption, more and more higher profiles and world leaders have begun adopting the crypto industry. After Donald Trump’s meme coin launch, the Central African Republican President opted for the same, launching the CAR meme coin on February 10, 2025. Interestingly, when the rest of the community was contemplating this news, a crypto trader took the opportunity, earning $12 million.

With such a staggering amount, the trader could easily retire, but that’s a topic of discussion; first, let’s discuss how this person earned $12 million.

Crypto Trader Turned $5K Into $12M Profits

According to the Lookonchain post, a crypto trader went for the bet within seconds of the Central African Republic President Faustin-Archange Touadéra’s meme coin contract release. The trader invested $5,000, equivalent to 25SOL, and bought 46.57M CAR.

Out of these, the trader sold 22.65 million tokens for 8,395 SOL( $1.67 million), holding the rest 23.92M in hopes of further gains. At the time of sale, these Solana meme coins were worth $10.5M, bringing the total to $12M. However, as the price fluctuates, the profits may vary.

With a simple $5k investment, the crypto trader has gained a 2,450x return. However, amid these high returns, the community highlights odd details of the launch, raising fears of scams.

CAR Token Controversy: AI Flagged & Scam Allegations

The CAR token launch was sudden, and the Central African Republican government gave no hints. The current president, Faustin-Archange Touadéra, made the official announcement on his X page on February 9, simultaneously building enthusiasm and skepticism.

Many scams have occurred this way, where scammers got hold of the influential personality’s X account and promoted or claimed the new launch. The prime and the most recent example is the Breaking Bad star X account hack,

The suspicion grew when Seferbekov, a deepfake AI tool identifier, claimed that 82% of the personality in President Touadéra’s video is AI-generated. This video was shared minutes after the token launch news to share tokenomics and other data. Moreover, Yokai Ryujin, a crypto trader, revealed that the CAR’s domain was bought just three days before the launch.

The analyst kept revealing such unusual odds, especially around the launch’s timing, which is 10:25 pm UTC and midnight in the country’s local time. Moreover, the announcement was in English rather than the country’s official language, French.

The biggest shocker was the suspension of the token’s official X account, which raised suspicions of hacking. Although the Central African Republican President acknowledged the X account suspension news situation, the odd events were hard to ignore.

Should You Buy It?

Newly launched meme coins possess high volatility, which requires high caution. However, amid the rising cases of scams and hacked crypto promotions, concerns persist around the CAR token. Additionally, the CAR price is at risk of higher manipulation due to scam allegations and investors’ fearful sentiments.

As a result, investors must research deeply and cautiously decide whether to buy this token. More importantly, people should not be FOMO about the $12M this crypto trader earned, as this is all about timing and trading skills.

Notably, the Central African Republican President launching a meme Coin might give this category more credibility and restore its demand. This is important as the meme coin market cap has declined by $44 billion recently.

The post Crypto Trader Retires With $12M After Central African Republican President’s Meme Coin appeared first on CoinGape.

---

Filed under: News - @ February 10, 2025 8:23 am