Memecoin CAR dropped by 96% in 24 hours

The price of the official meme coin of the Central African Republic (CAR) dropped by 96% from its peak of $0.89 within 24 hours after its launch. This data was provided by the Raydium aggregator.

Currently, the token's price stands at $0.031. The coin's market capitalization has fallen from $893.4 million to $31 million. It’s worth noting that a video appeared online in which the president of CAR, Faustin-Archange Touadéra, referred to CAR as an "experiment" that would help the country's development and allow the Republic to "make a name for itself on the international stage."

Meanwhile, members of the community have suspected the project of being a scam, suggesting that hackers may have compromised the president’s account.

Earlier, we reported that a major decline in the cryptocurrency market led to the fall in the value of the TRUMP meme coin, which was launched by U.S. President Donald Trump before his inauguration.