Experts from the analytics company Lookonchain reported that an unknown trader suffered a loss of $1,5 million due to the CAR memcoin associated with the President of the Central African Republic.
According to analysts, the trader spent $1,9 million to buy 3,6 million Central African Republic Meme (CAR). The investor bought the asset when it was trading at its all-time high and bought more as the coin fell.
In addition, experts pointed out that another trader made multiple trades with the CAR memcoin. He bought the memcoin at a high price and sold it at a low price each time, which resulted in a total loss of $704.
Let us recall that a few days ago, on the official page of the CAR President Faustion-Archange Touadera's social media account, there was information published about the launch of the country's own memecoin under the ticker CAR.
The crypto community believed that the account had been hacked. After that, the CAR memcoin rate dropped by more than 84% due to concerns about a possible scam. However, the CAR president continued to support this asset in the media space.
