Connect with us

Altcoin

CAR Meme Coin Crashes 70% After Scam Allegations, Here’s All

Published

20 hours ago

on


CAR meme coin soon fell from grace as its price plummeted nearly 70% amid scam allegations promptly after the crypto’s launch. Notably, the meme coin announced by the Central African Republic President Archange Touadéra has crashed from a $0.79 to $0.19 price level as market watchers deem the token to be a rug pull due to unclear tokenomics and details on the project.

Let’s delve deeper into the recent developments surrounding the newly launched token that rationalize why market watchers are cautious about this meme-themed asset.

Here’s Why CAR Meme Coin Slumps 70% After Launch

Notably, the CAR meme coin was unveiled by President Archange Touadéra in an X post on February 10. The President stated that the project is an experiment curated to show how ‘something as simple as a meme can’ drive growth and development in a peculiar way.

President Archange Touadéra X postPresident Archange Touadéra X post
Source: President Archange Touadéra, X

The newly launched meme coin promptly gained significant traction in light of Touadéra being the second president in the world to adopt Bitcoin as a legal tender. Further, CoinGape recently revealed that a crypto trader turned a mere $5K into a $12 million profit by betting on the coin within seconds of the President’s announcement.

However, the hype was not long-lived, as the meme coin’s price soon crashed amid scam allegations and unclear details on the project. WuBlockchain posted on X that the token’s site is currently inaccessible. Also, CoinGape found that the same site, as revealed in the President’s post, is not accessible as of press time. This saga has presented market participants with severe uncertainty.

Jupiter Fonder Sheds Light On The Matter

In a series of X posts on February 10, Solana DEX Jupiter founder, popular as meow on X offered vital insights into the CAR meme coin saga. According to the posts, the founder tried to get in touch with the CAR office for additional info on the token.

Notably, meow requested the President to change the token’s link on their homepage, as it linked to the Jupiter homepage, and instead wanted them to use the direct ‘token swap link.’ Moreover, the founder revealed that Jupiter also got in touch with the team who deployed the coin.

Notably, Jupiter verified the deployment team by doing a number of ‘on-chain txns live.’ However, no off-chain confirmation regarding the project was made, with uncertainty prevailing. The uncertainty comes about whether this project is official from the CAR office, why Namecheap suspended it, and the ownership of the rest of the circulating supply.

CAR Price Slumps 70%

In the aftermath of the abovementioned developments, the CAR meme coin’s price crashed 75% intraday and is currently resting at $0.1961. The meme coin’s 24-hour low and high were $0.1925 and $0.7927, respectively. Traders and investors remain bearish on the asset amid unclear details on the project.

Simultaneously, an official confirmation about the project off-chain could aid in a recovery ahead. The broader crypto market trend also remains bearish at the moment, an alarming cause for the meme coin’s price to take further heat. The uncertainties presented by this newly launched token underscores the dynamic and risky nature of cryptocurrencies.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Altcoin

BTC & Altcoins Jump Ahead of US CPI & PPI

Published

3 hours ago

on

February 11, 2025

By


Crypto Market (Feb 11): Traders and investors are once again optimistic as Bitcoin and altcoin prices gained a notable upward movement on Tuesday. BTC price jumped nearly 2% in the past 24 hours, whereas altcoins mainly mimicked an uptrend. Notably, the soaring movement has kept investors optimistic right ahead of the U.S. CPI and PPI data, set to be released on Wednesday and Thursday. Here’s a brief report on some of the most trending coins for the day and the latest market updates around them.

Crypto Market On Feb 11: BTC, ETH, XRP Gain, But SOL Slips

Notably, BTC price showcased a rising trajectory over the past day, briefly touching a $98K level high. Simultaneously, ETH and XRP prices traded dominantly in the green. However, SOL price illustrated a waning intraday action.

Nevertheless, the global cryptocurrency market cap jumped 2.30% in the past 24 hours to $3.2 trillion. Further, even the total market volume witnessed a 3.49% uptick in value, reaching $99.24 billion. So, let’s take a closer look at the crypto prices today.

BTC Price Jumps In Sync With Broader Crypto Market Trend

BTC’s price gained nearly 1% as of press time and is now trading at $97,534. Its intraday low and high were $96,666.51 and $98,333.22, respectively. Notably, the flagship coin soars despite global markets taking a hit after Donald Trump’s new 25% tariff on aluminum and steel.

Meanwhile, CoinGape reported that Bitcoin’s social sentiment has increased substantially recently. In another latest development, North Carolina forged ahead with its strategic Bitcoin reserve plan.

ETH Price Gains 2%

ETH price witnessed a nearly 2% uptick in the past 24 hours and is currently sitting at $2,676. The coin’s intraday bottom and peak were $2,620.10 and $2,723.52, respectively.

Santiment data shows that Ethereum saw its biggest exchange outflow in nearly 2 years, from Feb 8-9, with 224,410 ETH withdrawn by traders and investors. In turn, market participants eagerly await a bullish price movement ahead.

Ethereum exchange outflowsEthereum exchange outflows
Source: Santiment, X

XRP Price Follows Uptrend

XRP price witnessed an uptick of over 2% in the past 24 hours and is now trading at $2.44. The coin’s 24-hour low and high were $2.38 and $2.47, respectively. Notably, the Ripple-backed asset witnessed a pump alongside soaring optimism for an XRP ETF. Bloomberg analysts predict that an XRP ETF could be seen shortly ahead amid rising odds in the market.

Solana Price Turbulent

However, SOL price has taken a rollercoaster ride in the past 24 hours, down marginally by 0.5% to $201.18. The crypto’s intraday low and peak were $199.59 and $208.83, respectively. Despite the odds of an SOL ETF also gaining weight, the coin is yet to witness a pump alongside other altcoins.

Meme Crypto Market Glimmers

Simultaneously, Dogecoin (DOGE) price gained by 4% in the past 24 hours, reaching $0.2582. Even Shiba Inu (SHIB) price jumped by 1%, reaching $0.00001596. Also, PEPE and TRUMP meme coins pumped by 2%-5% and are sitting at $0.000009793 and $16.08, respectively.

Top Crypto Market Gainers Today

Raydium (RAY)

Price: $5.41
24-Hour Gains: +19%

Helium (HNT)

Price: $3.93
24-Hour Gains: +14%

Virtuals Protocol (VIRTUAL)

Price: $1.25
24-Hour Gains: +13%

Top Crypto Market Losers Today

MANTRA (OM)

Price: $5.97
24-Hour Loss: -2%

Onyxcoin (XCN)

Price: $0.02354
24-Hour Loss: -2%

DeXe (DEXE)

Price: $18.99
24-Hour Loss: -1%

Notably, market participants await further bullish momentum as the latest statistics indicate signs of renewed interest across the sector. Renowned market analyst Ali Martinez revealed on X that capital inflows into the crypto market are starting to pick up, indicating a bullish future awaits.

Capital inflows into crypto marketCapital inflows into crypto market
Source: Ali Charts, X

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Altcoin

Grayscale Files For Cardano ETF With NYSE as Race Heats Up

Published

6 hours ago

on

February 11, 2025

By


Grayscale Investments has submitted an application to the New York Stock Exchange (NYSE) for a Cardano exchange-traded fund (ETF). This marks a step in the growing interest in cryptocurrency ETFs. The move is part of the company’s strategy to expand its crypto ETF offerings, following its recent filings for XRP, Solana, and Litecoin ETFs. 

The Cardano ETF filing adds to the increasing list of institutional moves aiming to provide regulated exposure to popular cryptos.

Grayscale Joins Race with Cardano ETF Application to NYSE

In a recent filing, Grayscale submitted its proposal for a Cardano ETF with the NYSE, further diversifying its crypto offerings. The filing comes as part of a larger push by Grayscale to expand its presence in the growing cryptocurrency market. The firm has already filed similar ETF applications for other popular cryptos, such as XRP, Solana, and Litecoin. 

With the increasing institutional interest in digital assets, this move is a significant step toward regulated exposure for institutional investors seeking access to Cardano.

Grayscale’s Cardano ETF application comes when institutional interest in cryptocurrency is expanding. With Cardano (ADA) becoming one of the top-performing assets, this ETF could offer a regulated route for traditional investors to gain ADA exposure.

The Cardano network has gained substantial recognition for its focus on scalability, security, and sustainability, factors that appeal to investors.

Moreso, these developments come when the US SEC seeks public comments on Grayscale’s Litecoin ETF proposal, allowing for a 21-day submission period. Litecoin ETFs are gaining attention as the SEC assesses Grayscale’s request to convert its Litecoin Trust into an exchange-traded product. 

Recently, asset managers like Grayscale and Coinshares have taken steps to expand crypto ETF offerings, signaling growing interest.

Competition in the Crypto ETF Space

Grayscale’s filing is part of a trend in the crypto market, where multiple asset managers are vying to offer ETFs linked to popular digital assets. Recently, other firms, including WisdomTree and Bitwise, have submitted similar applications to the U.S. Securities and Exchange Commission (SEC) for XRP ETFs.

Additionally, Swedish asset manager Virtune AB launched a Cardano exchange-traded product (ETP) on Nasdaq Helsinki, catering to institutional investors.

As the market continues to mature, more financial institutions are exploring the idea of crypto ETFs, especially for major cryptos like Cardano. The introduction of a Cardano ETF by Grayscale will provide more opportunities for investors looking to diversify their portfolios with ADA exposure. 

Impact on Cardano Price

The introduction of a Cardano ETF could have a significant effect on ADA price and market sentiment. As more institutional investors gain exposure to Cardano, increased demand could lead to upward pressure on ADA price. Currently, the ADA remains relatively stable, but the potential for more institutional capital entering the space through an ETF could cause a rise in its price.

In addition, if Cardano price holds above the $0.67–$0.81 support range, it could signal strength and set the stage for an ADA price rally. Technical indicators, including the TD Sequential buy signal, further support the possibility of a bullish reversal. However, if Cardano price fails to maintain this support, a drop below the range will lead to further declines.

At the time of writing, Cardano price stands at $0.7068, reflecting a 3% increase in the past 24 hours. The market cap has risen to $24.87B, and the trading volume is up by 11.15%, reaching $752.82M. 

✓ Share:

Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Altcoin

Bitcoin and Toncoin Social Sentiment Jumps, Bull Run Ahead?

Published

7 hours ago

on

February 11, 2025

By


After a massive run with memecoins over the past few weeks, the crypto community is returning back to Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Toncoin (TON) and other Layer-1 protocols. According to data insight from Santiment, Layer-1 networks have collectively seeing 44.2% of social discussions on specific coins. This shift, the analytics firm imply might mean a potential return to the bull era.

Bitcoin, Toncoin and L1 Protocols Back In Limelight

According to Santiment on X, memecoins like Dogecoin, Shiba Inu and PEPE are currently being discussed less in the market. The platform attributed this shift to the recent volatility that pushed the dominance of speculative altcoin price behind.

The data giant acknowledged that Bitcoin and L1s like Ethereum and Toncoin are the foundational infrastructure in the industry. It noted that the increased focus on these assets by traders often signals market maturity. It hinted that an L1 focus is a sign investors are prioritizing security, innovation and real world adoption.

Per the Santiment insight, memecoin frenzies generally come before the market falls. Historically, it noted that speculative excesses often lead to sharp reversal when the hype has faded. 

However, it pointed out that this shift implies a more balanced market will emerge once the excessive leverage bets are wiped off.

Is Bitcoin, Toncoin and L1s Ready for Rally?

According to the Santiment projection, a shift away from memecoin is proof that the market might be tilting toward sustainable trends. It confirmed that the gambling mindset associated with memecoins is paving the way for better fundamentals.

This forecast aligns with speculations from analysts that the altcoin selling will stop soon, paving the way for rapid rebound. As of writing, BTC price was changing hands for $97,380.20, up 1.81% in 24 hours. The sentiment has also trickled down to Ethereum, Toncoin, and Cardano. These altcoins are up 1.44%, 0.56% and 3.30% to $2,668, $3.806 and $0.7172 respectively.

While it remains unclear whether the bull run is finally return, Santiment is optimistic the market is in a healthy cool-down period.

Altcoins With ETF In Spotlight

Altcoins like Solana, XRP, and Litecoin are in the spotlight owing to the growing push for spot ETFs to track their prices. As reported earlier by CoinGape, Grayscale has filed for Cardano ETF with the US SEC.

The growing number of crypto ETF applications has signaled that a massive adoption era is on enroute. With Bloomberg Senior ETF Analyst projecting high approval odds for Litecoin, Dogecoin, and Solana ETF, the market appears ready for a rebound.

✓ Share:

Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io