Analysts at Lookonchain said that an unknown trader earned $12 million in a few hours on the memecoin under the ticker CAR.
According to information provided by experts, the investor spent only 5 Solana (SOL) to purchase 46,57 million CAR literally a minute after the memcoin contract address was published.
Three hours later, the trader sold 3 million CARs for 22,65 SOL ($8395 million), leaving 1,7 million CARs, valued at $23,92 million.
It should be noted that the CAR memecoin is an asset whose launch was announced on February 10, 2025, in the account of the President of the Central African Republic Faustin-Archange Touadera. At one point, the coin's capitalization reached $527 million. The memecoin is positioned as an experiment to promote national development and bring the country to the international arena.
However, the launch of the memecoin was marred by the possibility that the coin would be deemed counterfeit, as some community members suspected signs of fraud in the politician's posts.
Users assume that the CAR president's account was actually hacked by unknown individuals in order to promote another fake token on the market for personal gain.
