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A user turned $5,000 into $12 million hours after buying the Central African Republic meme coin following a presidential announcement.
Meme coins are becoming a norm in the crypto sector. Once highly criticized for a lack of utility, the joke-themed industry has gained traction recently.
In a recent development, another high-ranking leader has launched a meme coin. Central African Republic president Faustin-Archange Touadera announced today that the country has debuted an official meme coin with the ticker “CAR.”
His recent tweet revealed that the experimental debut was to display how a meme coin can unite the nation and put the Central African Republic on the global map. Notably, the Solana-based token did not just draw attention to the country; it extensively rewarded users who acquired it on time.
User Records Staggering 2450x Portfolio Upside
On-chain analytical firm Lookonchain highlighted a jaw-dropping return from an early adopter of the CAR token. In a tweet, the firm disclosed that a wallet address has recorded a staggering 2450x his initial capital.
The newly created address spent 5 SOL to buy the CAR token within a second of President Touadera’s tweet. Notably, the Bitcoin enthusiast dropped the tweet around 10:52 PM (UTC) on Sunday.
Data shows that the address “FS7MdR” spent the $5,000 worth of Solana to acquire 46.57 million CAR from the decentralized protocol Raydium. At the time of the purchase, the token traded in three decimals, specifically at around $0.000107.
Meanwhile, CAR surged a staggering 1,080,290% from its lows of $0.00008185 to a peak of $0.8843 before relinquishing some of its gains. Following the meteoric surge, the wallet’s stash quickly turned multiple folds from his initial $5,000 to $12 million.
With the surge, the address started selling its stash, initially dumping 22.65 million CAR for 8,395 SOL ($1.67 million). Lookonchain disclosed that he still held 23.92 million CAR, worth $10.5 million.
However, at the time of writing, the address holds just 76,431 CAR ($26,395), which shows that it has sold more of the tokens to realize more profit.
Data from DEXScreener shows that other early buyers realized staggering profits. For context, a wallet address turned $8,848 into $4 million with the CAR token, realizing $2.5 million so far.
Growing Meme Coin Traction
Meanwhile, President Touadera’s release of a meme coin mirrors the broader trend toward joke-themed tokens. He becomes the second national leader to launch a meme coin after Donald Trump’s highly criticized move to launch the official Trump token last month.
Speaking about the meme coin frenzy, Ark Investment’s CEO, Cathie Wood, stated the new ploy is a new revolution in the crypto industry. She likened the new narrative to the famous initial coin offering (ICO), which trended in 2017.
The broader traditional financial market has also shown interest in the sector, with asset managers Bitwise and Grayscale filing for exchange-traded funds (ETFs) for meme coin leader Dogecoin.