A pseudonymous crypto trader reportedly achieved a 2,450x return on their $5,000 investment in the new memecoin based on the Central African Republic, $CAR, within three hours.
According to blockchain analytics firm Lookonchain, when President Faustin-Archange Touadéra announced the launch of $CAR memecoin’ an X’post on Sunday, February 9, 2025, the trader seized the moment and spent 25 SOL to purchase 46.57 million CAR tokens in just one second after the announcement.
Lookonchain reported that the trader sold 22.65 million of the CAR tokens for 8,395 SOL, which at the time was worth about $1.67 million, leaving them with 23.92 million tokens valued at $10.5 million. This strategic move allowed for a significant profit while still holding onto a considerable amount of the cryptocurrency, potentially betting on further appreciation.
Turned $5K into $12M in less than 3 hours—a 2450x return, incredible!
This guy spent 25 $SOL($5K) to buy 46.57M $CAR within one second of @FA_Touadera posting the contract address, and then sold 22.65M $CAR for 8,395 $SOL($1.67M), leaving 23.92M $CAR ($10.5M).
The total profit… pic.twitter.com/LSBOAllElo
— Lookonchain (@lookonchain) February 10, 2025
Touadéra described $CAR as an experiment aimed at uniting people, supporting national development, and bringing global attention to the Central African Republic. His government had previously made headlines in April 2022 when it became the first in Africa and the second in the world, after El Salvador, to adopt Bitcoin as legal tender.
The memecoin launch follows a similar move by former U.S. President Donald Trump, who introduced a memecoin called $TRUMP in January 2025, just before his inauguration. The token’s market value surged past $14.5 billion before experiencing a sharp decline. Notably, some market analysts have accused Trump of engaging in a “pump and dump” scheme, given the rapid rise and fall of the token’s value.
Meanwhile, an official X account created for $CAR updates was suspended as of Monday morning. Reuters reported that Touadéra stated that the government is working to restore it.
As of press time, $CAR was trading at $0.1414, an 81.1% decrease in the last 24 hours, according to data from CoinGecko.
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