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.
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.
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.
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.
Cardano price is currently testing a crucial support zone between $0.67 and $0.81, a level that has previously played a vital role in determining price movements. This range has historically acted as both support and resistance, making it an important area for traders to monitor. The latest market movements suggest that ADA’s reaction to this level could influence its short-term price trajectory.
Cardano Price Tests Key Support Zone Between $0.67 and $0.81
In a recent post on X, analyst Ali Martinez highlighted the importance of the $0.67–$0.81 range for Cardano price. This level has been a significant point of reversal in previous market cycles. ADA has frequently bounced from this support zone, making it a critical point for traders.
The chart shared by Martinez shows multiple instances where this price range acted as both resistance and support. Historically, ADA has reversed from this level, suggesting that its current price action could determine the next trend. Traders are watching closely for confirmation of either a rebound or a breakdown.
Most recently, analyst Ali Martinez highlighted that Cardano price action mirrors its 2020 accumulation phase, which preceded a parabolic surge. According to Martinez, ADA has reclaimed key support levels, forming a structure similar to past breakout patterns. If this trend continues, Cardano could be poised for a rally to $15.
Potential for a Bullish Rebound if Support Holds
In addition, holding above this support range could indicate strength in the altcoin rally. If buying pressure increases at this level, ADA may establish a foundation for upward movement. Previous price reactions suggest that a bounce from this zone could lead to a rally.
Technical indicators such as the TD Sequential have flashed buy signals, hinting at a possible reversal. If ADA gains momentum above this range, the next altcoin rally to watch would be around $0.90 and $1.10 ADA level.
However, failure to hold the $0.67–$0.81 range could lead to a downward move in Cardano price. If ADA drops below this level, it may retest lower supports. The next potential support areas are around $0.55 and $0.48, which previously acted as consolidation zones.
Cardano Price Action
Adding to the altcoin rally, a top expert recently explained why ADA price may surge to $2.5 in the near term. The analyst highlighted ADA historical pattern of consolidation followed by parabolic rallies, suggesting that the current phase could precede a 250% breakout.
In other news, Cardano founder Charles Hoskinson continues to push back against narratives he views as misleading about Bitcoin and blockchain technology. He criticized USAID alleged funding of anti-Bitcoin content, emphasizing that decentralized finance is not tied to any political ideology.
Concurrently, these developments have intensified discussions around Cardano role in tracking government spending through blockchain. With its advanced decentralized technology and the recent Plomin hard fork enabling community governance, ADA is positioned as a strong contender for Elon Musk’s D.O.G.E. initiative.
At press time, Cardano price was $0.701, reflecting a 6% increase in the past 24 hours. The surge in trading volume, which has risen by 55% to $820.2 million, indicates growing market interest. Cardano market capitalization stands at $24.67 billion, up 2.92%, suggesting strong investor confidence.
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.
With a dramatic shift to Bitcoin, a former hotel developer has transformed the investment landscape of Japan, causing a stir in Asia’s financial markets. Metaplanet Inc., which was previously recognized for its modest portfolio of hospitality properties, has undergone a remarkable transformation into Japan’s preeminent Bitcoin investment vehicle, providing shareholders with a 3,600% return over the past year.
The company’s market value has reached unprecedented heights as a result of the influx of retail investors attracted by the transformation.
How A Pandemic Failure Sparked A Crypto Renaissance
When the pandemic necessitated the closure of the majority of Metaplanet’s hotels, the gusts of change began to blow through its corridors. Simon Gerovich, the chief executive officer, recognized an opportunity in the crisis, leveraging his experience in trading at Goldman Sachs.
Top performing Japanese stocks in the last year. Source: TradingView
Was it his vision? To establish Japan’s response to the Bitcoin behemoths of the United States. In its treasury, the organization currently maintains 1,762 Bitcoin, which is valued at approximately $171 million.
However, Gerovich’s objectives extend far beyond these figures. The objective is ambitious: 21,000 Bitcoin by the conclusion of 2026.
🚀 Metaplanet up 3,600% in 12 months, Japan’s fastest-rising stock! After pivoting to Bitcoin, the former hotel developer now holds 1,762 BTC, aiming for 21,000 by 2026. Inspired by MicroStrategy’s BTC strategy, Metaplanet is betting on Bitcoin’s long-term growth! 📈 #Bitcoin… pic.twitter.com/Q1Dpc9Q6VY
— Collin Brown (@CollinBrownXRP) February 10, 2025
Retail Investors Fuel The Frenzy
In 2024 alone, the company’s shareholder base has expanded by 500%, reaching nearly 50,000 investors. Despite the fact that institutional heavyweight Capital Group has taken a position, it is the everyday Japanese investors who are actually fueling this remarkable growth story.
For many first-time crypto investors, the chance to get exposure to Bitcoin through regular stock markets is very appealing. The introduction of Japan’s revamped Nippon Individual Savings Account program, offering tax-free stock investments, has added fuel to this fire.
BTCUSD trading at $97,607 on the daily chart: TradingView.com
From Hotel Rooms To Blockchain Dreams
Metaplanet is reimagining its final remaining property in a creative variation that connects its past and future. The “Bitcoin Hotel”, a hub for crypto enthusiasts and investors, will soon rebrand the Royal Oak hotel in Tokyo’s Gotanda District.
By fusing traditional hospitality with state-of-the-art finance, this creative idea aims to create a physical hub for Japan’s growing cryptocurrency industry.
Promises And Pitfalls
As part of its aggressive expansion plan, Metaplanet plans to issue 21 million new shares in order to raise $750 million in equity. This would mark Asia’s largest equity capital raise for Bitcoin acquisition.
Meanwhile, on the horizon, dark clouds loom. Six years of losses have muddled the company’s financials, but analysts expect a return to profitability in the upcoming quarter.
Featured image from Gemini Imagen, chart from TradingView
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