Central African Republic Launches Meme Coin, Investor Turns $5K Into $12M

The Central African Republic has launched a new meme cryptocurrency called CAR, aiming to attract investment to its resource-rich yet impoverished economy, as announced by President Faustin-Archange Touadéra. Following the launch, a trader reportedly turned a $5,000 investment into $12 million within hours by purchasing 46.57 million CAR tokens immediately after the announcement. The token's price surged dramatically, leading to a staggering return of 2,450 times the initial investment. However, the project has faced skepticism, including allegations of deepfake involvement and concerns over potential scams associated with its launch. The CAR token, which is built on the Solana network, represents a significant move for the Central African Republic in the cryptocurrency space, which is gaining traction among world leaders. Despite the excitement, experts warn investors to conduct thorough research before engaging with new cryptocurrency projects.