Trader aped $1.9M into $CAR, held 99.94% supply, but price tanked 77% after deepfake rumors. Now stuck with huge losses.
A trader decided to go all-in on $CAR, buying 3.6M tokens for $1.9M at roughly $457K per million, hoping to hit the jackpot. Just 10 hours later, though, the dream turned into a nightmare when the price of $CAR bottomed out, shredding the value of their investment by 77%. Their stocks are now worth just $441K, and there’s no way out.
$CAR launched on Feb 9, hyped as the official memecoin of the Central African Republic (CAR). It blew up fast, even hitting a $527M market cap. But things took a wild turn when a promo video featuring CAR’s president, Faustin-Archange Touadéra, got flagged as a potential deepfake by AI detection tools. That raised major red flags, and panic spread like wildfire.
The $CAR was an “experiment” for national development, TouadĂ©ra’s official X account said, but investors weren’t buying it. When doubts about the authenticity of the video blew out, the token’s price went into free fall.
On-chain data shows the trader never sold a single token, leaving his $1.9M investment locked in a brutal loss. That’s a tough lesson on the wild risks of memecoins-hype fades fast, and when it does, the crash hits even harder.
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