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.