According to cryptocurrency analysis firm LookOnChain, a trader turned $5,000 into $12 million in less than three hours. The trader locked in a 2450x return, or a growth of about 239,900%.
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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
How Did The Cryptocurrency Trader Make Such Profits?
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According to LookOnChain, the trader spent 25 Solana (SOL), worth around $5,000 to buy 46.57 million $CAR tokens. The trader bought the cryptocurrency within one second of Faustin-Archange Touadéra, the President of the Central African Republic posting the contract address. The trader sold 22.65 million $CAR tokens for 8395 SOL, worth around $1.67 million. The wallet still has 23.92 million $CAR tokens worth around $10.5 million.
What Is $CAR?
$CAR is a meme cryptocurrency launched by the Central African Republic. The coin was launched on Solana’s Pump.fun platform. President Touadéra took to X and said that the project aims to “show how something as simple as a meme can unite people.“
President Touadéra is a vocal supporter of cryptocurrencies. The Central African Republic also recognizes Bitcoin (BTC) as a legal tender.
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$CAR has faced significant difficulties since its launch. There have been deepfake allegations against the project and also website suspensions. Many have also pointed out some questionable domain registrations.
Things took a turn for the worse when the cryptocurrency project’s X account was taken down without any explanation. President Touadéra took to X and said that his administration is working with X to resolve the issue. It is still unclear what the issue was.
It is extremely important that investors do their due diligence before investing in new cryptocurrency projects. Many people have fallen for illicit actors within the crypto realm.