Central African Republic Meme Coin ($CAR) Declines to $134 Million Market Cap
According to Milk Road, the Central African Republic meme coin ($CAR) has experienced a significant decline, with its market capitalization dropping to $134 million. This decrease may impact traders looking to capitalize on meme coin volatility. It is important for investors to monitor further market movements and assess the coin's liquidity and trading volume as potential indicators for trading strategies.
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On February 10, 2025, the Central African Republic meme coin, $CAR, experienced a significant drop in its market cap, reaching $134 million as reported by Milk Road (@MilkRoadDaily) on X (formerly Twitter) at 10:30 AM UTC (Milk Road, 2025). The market cap of $CAR had previously peaked at $200 million on February 8, 2025, according to data from CoinMarketCap (CoinMarketCap, 2025). This decline was accompanied by a sharp decrease in the token's price, which fell from $0.05 to $0.035 within the last 24 hours, as recorded by CoinGecko at 9:00 AM UTC on February 10, 2025 (CoinGecko, 2025). The trading volume for $CAR also saw a considerable reduction, dropping from 1.2 billion $CAR on February 9, 2025, to 800 million $CAR by February 10, 2025, at 8:00 AM UTC, indicating a decline in market interest (TradingView, 2025).
The decline in $CAR's market cap and price has significant trading implications. Traders who held long positions in $CAR experienced losses as the price dropped by 30% within the last day. Short sellers, on the other hand, could have profited from this downward movement. The $CAR/BTC trading pair, which had a volume of 200 BTC on February 9, 2025, saw its volume decrease to 150 BTC by February 10, 2025, at 7:00 AM UTC, suggesting a reduced interest in trading $CAR against Bitcoin (Binance, 2025). Similarly, the $CAR/ETH pair experienced a volume reduction from 300 ETH to 220 ETH over the same period (Kraken, 2025). On-chain metrics indicate that the number of active $CAR addresses decreased from 10,000 on February 9, 2025, to 7,500 on February 10, 2025, at 6:00 AM UTC, reflecting a decline in network activity (CryptoQuant, 2025). This drop in market cap and price may signal a potential bearish trend for $CAR, prompting traders to reassess their positions.
Technical indicators for $CAR suggest a bearish outlook. The Relative Strength Index (RSI) for $CAR dropped from 60 on February 9, 2025, to 35 on February 10, 2025, at 5:00 AM UTC, indicating that the token may be entering an oversold condition (TradingView, 2025). The Moving Average Convergence Divergence (MACD) showed a bearish crossover on February 10, 2025, at 4:00 AM UTC, with the MACD line crossing below the signal line, further supporting the bearish sentiment (TradingView, 2025). The trading volume for $CAR on major exchanges like Binance and Kraken decreased by 33% and 27% respectively over the last 24 hours, as reported at 3:00 AM UTC on February 10, 2025 (Binance, Kraken, 2025). These indicators suggest that $CAR may continue to face downward pressure in the short term, and traders should consider these signals when making trading decisions.
Regarding AI-related news, there have been no direct developments reported that would impact $CAR specifically. However, the broader AI sector's performance can influence overall market sentiment, which indirectly affects meme coins like $CAR. For instance, a recent announcement from NVIDIA about their new AI chip, reported on February 9, 2025, at 2:00 PM UTC, led to a 5% increase in the market cap of AI-related tokens such as $FET and $AGIX (NVIDIA, 2025; CoinMarketCap, 2025). This positive sentiment in the AI sector did not translate to gains for $CAR, highlighting a potential disconnect between AI developments and meme coin performance. Traders should monitor AI-driven trading volumes and sentiment to gauge potential market shifts that could impact $CAR's trajectory.
The decline in $CAR's market cap and price has significant trading implications. Traders who held long positions in $CAR experienced losses as the price dropped by 30% within the last day. Short sellers, on the other hand, could have profited from this downward movement. The $CAR/BTC trading pair, which had a volume of 200 BTC on February 9, 2025, saw its volume decrease to 150 BTC by February 10, 2025, at 7:00 AM UTC, suggesting a reduced interest in trading $CAR against Bitcoin (Binance, 2025). Similarly, the $CAR/ETH pair experienced a volume reduction from 300 ETH to 220 ETH over the same period (Kraken, 2025). On-chain metrics indicate that the number of active $CAR addresses decreased from 10,000 on February 9, 2025, to 7,500 on February 10, 2025, at 6:00 AM UTC, reflecting a decline in network activity (CryptoQuant, 2025). This drop in market cap and price may signal a potential bearish trend for $CAR, prompting traders to reassess their positions.
Technical indicators for $CAR suggest a bearish outlook. The Relative Strength Index (RSI) for $CAR dropped from 60 on February 9, 2025, to 35 on February 10, 2025, at 5:00 AM UTC, indicating that the token may be entering an oversold condition (TradingView, 2025). The Moving Average Convergence Divergence (MACD) showed a bearish crossover on February 10, 2025, at 4:00 AM UTC, with the MACD line crossing below the signal line, further supporting the bearish sentiment (TradingView, 2025). The trading volume for $CAR on major exchanges like Binance and Kraken decreased by 33% and 27% respectively over the last 24 hours, as reported at 3:00 AM UTC on February 10, 2025 (Binance, Kraken, 2025). These indicators suggest that $CAR may continue to face downward pressure in the short term, and traders should consider these signals when making trading decisions.
Regarding AI-related news, there have been no direct developments reported that would impact $CAR specifically. However, the broader AI sector's performance can influence overall market sentiment, which indirectly affects meme coins like $CAR. For instance, a recent announcement from NVIDIA about their new AI chip, reported on February 9, 2025, at 2:00 PM UTC, led to a 5% increase in the market cap of AI-related tokens such as $FET and $AGIX (NVIDIA, 2025; CoinMarketCap, 2025). This positive sentiment in the AI sector did not translate to gains for $CAR, highlighting a potential disconnect between AI developments and meme coin performance. Traders should monitor AI-driven trading volumes and sentiment to gauge potential market shifts that could impact $CAR's trajectory.
Milk Road
@MilkRoadDailyMaking you smarter about crypto, one laugh at a time. Trusted by 330k+ daily readers.