How this investor lost $1.5M in CAR Tokens Due To FOMO

A trader invested $1.9 cardinal into 3.6 cardinal $CAR tokens astatine an mean terms of $457,000 per million, but wrong conscionable 10 hours, that stake turned into a nightmare arsenic the terms of $CAR dropped, wiping retired 77.08% of the trader’s investment. 

The trader, linked to the wallet code 4v7nG…jzD, bought 3.6 cardinal $CAR tokens astatine an mean terms of $457,000 per cardinal tokens, hoping to marque a speedy profit. But erstwhile the token’s terms crashed, their holdings dropped to conscionable $441,600. Even though they controlled 99.94% of the full supply, they were near with a monolithic unrealized loss.  

The $CAR token launched connected February 9, promoted arsenic the authoritative memecoin of the Central African Republic (CAR). It gained immense attention, concisely reaching a $527 million marketplace cap. 

However, the excitement didn’t last. A promotional video featuring CAR President Faustin-Archange Touadéra was flagged by 2 AI detection tools arsenic a imaginable deepfake. This raised superior doubts astir the task and caused panic among investors.  

Touadéra’s authoritative X (formerly Twitter) relationship had described the token arsenic an “experiment” meant to assistance nationalist improvement and planetary recognition. The token launched connected Pump.fun astatine 10:25 PM UTC, drafting successful traders anxious to currency in. But arsenic questions astir the video’s authenticity spread, spot successful the task collapsed, dragging the token’s terms down with it.  

Blockchain information from Lookonchain revealed that the trader did not merchantability adjacent 1 token, leaving the $1.9 million investment locked successful a heavy loss. It is an bonzer illustration of the risks of speculative crypto trading, particularly successful the wildly unpredictable memecoin space.

Also Read: This Investor Just Turned $500K into $2.5M with TST Tokens