Altcoin
CAR Meme Coin Crashes 70% After Scam Allegations, Here’s All
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.
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.
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.
Donald Trump’s DeFi project World Liberty Financial continues fresh crypto, acquiring another 541,242 SEI coins. This news was enough to push the SEI price up by 7.3% while the broader crypto market consolidates. The recent acquisition comes despite the Trump portfolio for digital assets sitting on a $124 million loss.
SEI Price Rallies After Donald Trump’s DeFi Project Investment
Amid the week of strong crypto market correction, the SEI price has bounced back from the bottom of $0.18, thereby gaining an additional 7% today, and inching closer to $0.20 levels. Also, the daily trading volume for SEI has shot up by 17% to more than $127 million, showing a strong bullish sentiment for the altcoin.
The recent SEI price pump comes as Donald Trump’s blockchain-focused venture, World Liberty Financial, has made another significant investment, purchasing 541,242 SEI tokens for $100,000 USDC at an average price of $0.185, as data from Spot On Chain.
The project’s total SEI holdings now stand at 1.089 million tokens, acquired at a cumulative cost of $225,000. However, due to the recent market fluctuations, their current value has dropped slightly to $207,000. The Trump portfolio, which holds a total of 9 crypto tokens, is currently sitting at a cumulative loss of $124 million on its investment value of close to $340 million.
On the technical chart, SEI price is positioning for a potential short-term breakout from its descending triangle pattern on the hourly chart. A decisive rebound from key resistance zones could trigger a substantial price movement.
World Liberty Financial on Crypto Buying Spree
Despite the broader crypto market downtrend since late February, World Liberty Financial has aggressively expanded its crypto portfolio, investing $21.6 million in prominent assets such as Ethereum (ETH), Wrapped Bitcoin (WBTC), Move (MOVE), and SEI.
Last week itself, it added the Donald Trump’s DeFi project invested $10 million each into Ethereum (ETH) and Wrapped Bitcoin (WBTC).
In February, World Liberty Financial unveiled its new Macro Strategy Reserve, a strategic initiative aimed at fortifying its presence in the cryptocurrency sector. The Reserve focuses on diversifying WLFI’s holdings across a range of digital assets to provide financial stability. By spreading investments, the reserve seeks to mitigate market volatility while ensuring the platform’s long-term resilience and sustainability in the evolving crypto landscape.
Recent Partner With Sui
The Donald Trump’s DeFi project also announced its recent partnership with Sui on key development opportunities. As part of this partnership, it will also build a strategic SUI reserve.
Evang Cheng, a founding contributor to Sui, stated that the synergy between Sui’s cutting-edge technology and WLFI’s ambitious vision could revolutionize the way assets are stored and utilized globally.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
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.
The crypto market today (March 14) has again pushed investors on their toes, showcasing fluctuations. Bitcoin (BTC) price slipped below $82K as of early Asian hours on Friday. Whilst, Ethereum (ETH) and Solana (SOL) prices were also trading in the red zone. However, XRP price gained alongside Ripple’s latest advancements in Dubai while TRUMP emerges as the top market gainer.
Here’s a brief report consisting of the top crypto by market cap and how their prices are delivering in the market.
Crypto Market Today: BTC & Alts Continue Facing Market Pressure
The global crypto market lost nearly 1.3% today, as indicated by a diminished market cap of $2.68 trillion. Further, it’s notable that the market action again turned bearish despite cooling inflation in the U.S., per the latest CPI report. Traders and investors reflect a panic-stricken sentiment over risk assets at the moment, primarily due to macro heat.
BTC Price Slips Below $82K
As of press time, BTC price witnessed a decline of over 2% and exchanged hands at $81,998. The flagship crypto’s 24-hour low and peak were $79,931.85 and $84,158.76, respectively. Bitcoin recorded liquidations worth $78.88 million over the past day (Coinglass data), which may be bringing some volatility to the price. Also, BTC’s market dominance slipped by 0.51% to 60.80%, indicating that altcoins are in a better position.
ETH Price Slips Marginally
ETH’s price witnessed a slight 0.3% dip as of press time and closed at $1,888. The second-largest coin by market cap hit a low and a peak of $1,823.53 and $1,919.69 in the past 24 hours. Ethereum recorded only $37.27 million worth of liquidations over the past day. Simultaneously, ETH’s market dominance remained shrunk at 8.5%, indicating other altcoins leveraging gains.
XRP Price Jumps 2%
XRP price witnessed gains worth 2% in the past 24 hours and closed in at $2.28. The coin bottomed and peaked at $2.22 and $2.34 intraday. Intriguingly, Ripple’s XRP price soars alongside a major development in Dubai. Ripple recently secured a DFSA license, expanding in Dubai’s $277B market whilst global pushes for ETF approval continue.
Solana Price Falls 1%
However, SOL price also sank in tandem with the broader market trend today, down nearly 1% to $124. Its 24-hour bottom and peak were registered as $120.91 and $128.16, respectively. Solana recorded slight liquidations worth $8.61 million in the past 24 hours.
Meme Crypto Market Today
Simultaneously, Dogecoin (DOGE) price fell by 2% intraday and exchanged hands at $0.1680. Also, Shiba Inu (SHIB) price saw a 0.5% decline, reaching $0.00001227. Pepe Coin (PEPE) also followed, slumping 7% to $0.000006797.
Top Crypto Market Gainers Today
Official Trump (TRUMP)
Price: $11.81
24-Hour Gains: +12%
Kava (KAVA)
Price: $0.4681
24-Hour Gains: +8%
Sonic (S)
Price: $$0.5004
24-Hour Gains: +7%
Top Crypto Market Losers Today
Story (IP)
Price: $5.72
24-Hour Loss: -9%
Ethena (ENA)
Price: $0.3351
24-Hour Gains: -8%
Movement (MOVE)
Price: $0.4477
24-Hour Gains: -6%
Overall, the crypto sector has again taken a bearish movement after sparking hope with a rising trajectory yesterday. With Trump’s tariffs saga bringing immense macro heat, risk assets continue to face global pressure despite optimistic advancements like the U.S. strategic Bitcoin reserve announcement.
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.
After months in decline, Dogecoin price could be leaving the bears in the dust as it has its eyes peeled on a fresh rally. Analysts are calling the bottom for the dog-themed coin amid chatter for an ETF approval by the SEC.
Dogecoin Price Eyes Fresh Rally As Bottom Is Spotted
On-chain analysts say Dogecoin (DOGE) is poised for a massive upward price movement on the back of several positive technicals. According to pseudonymous Trader Tardigrade, Dogecoin is sticking to a macro channel that is indicative of the bottom for the memecoin.
The analyst disclosed that while Dogecoin has deviated at the channel’s edge, recent price action predicted movement in the channel. With the bottom confirmed, the analyst says the only direction for Dogecoin price is a surge upwards.
“If DOGE remains within the channel without deviation this time, it has already reached the bottom,” said Trader Tardigrade.
Onchain analyst Ali Martinez shared sentiments similar to Trader Tardigrade’s projection, which predicted a strong resurgence. Already early signs of a resurgence are clear with Dogecoin rebounding from a key support level as traders eye $3.
“Something big could be brewing for Dogecoin,” said Martinez. “A strong rebound may be right around the corner.”
A Plethora Of Bullishness For DOGE
A raft of experts are pointing to a breakout target of $0.6533 as confirmation of a 318% upswing for Dogecoin price. Analysts are pointing to higher lows on Dogecoin’s charts with Elliot Wave Theory indicating that prices are in a bullish wave.
Outside of technicals, on-chain data confirms a 270% surge in active addresses, pointing to increasing ecosystem activity. Experts say rising whale accumulation in the ecosystem is a potential pointer for an impending Dogecoin price rally.
For fundamentals, an approval for a Dogecoin ETF by the SEC could send prices soaring by triple-digit percentages. At the moment, the memecoin is trading at $0.1647 while daily trading volumes sit at a decent $1.44 billion.
Aliyu Pokima
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.
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