Presidential coin launches become the standard solution, and the significance of history's boomerang effect continues to rise
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Presidential coin launches become the standard solution, and the significance of history's boomerang effect continues to rise
Why did the previous bull market clearly open up imagination for application diversity, while this bull market has returned to hype once again?
Navigating Web3 tides with focused insightsAuthor: Techub Exclusive Analysis
Author: Babywhale, Techub News
Following Trump, the long-anticipated "presidential coin launch wave" has finally seen its first participant. Around 7 AM Hong Kong time today, Faustin-Archange Touadéra, President of the Central African Republic, tweeted:
Today we are launching CAR—an experiment to show how something as simple as a meme can unite people, support national development, and bring the Central African Republic onto the world stage in a unique way. Contract: 7oBYdEhV4GkXC19ZfgAvXpJWp2Rn9pm1Bx2cVNxFpump.
The president later added, "As the second president in the world to adopt Bitcoin as legal tender, I have always recognized the potential of cryptocurrencies and their benefits on a global scale," attaching the website for this Meme token. According to Lookonchain monitoring, an address purchased a large amount of CAR tokens within one second after the president’s tweet.
Cosine, founder of SlowMist, stated on X that the official website published by the president is inaccessible, with the domain registered just four days ago on Namecheap. The token creator's funds originated from Binance, and nearly 80% of the tokens are primarily distributed across six addresses linked to the creator. Additionally, Cosine warned that the official website marked by GMGN for CAR carries viruses, potentially infecting users' computers if accessed carelessly.
As the second country after El Salvador to adopt Bitcoin as legal tender, the Central African Republic has not received much attention. Multiple sources indicate it is one of the poorest nations globally.
Perhaps the nation's circumstances explain the crude execution, and given that the account has not issued any denial hours after posting tweets related to the Meme token, this event may indeed be genuine. According to GMGN data, at the time of writing, the token was trading around $0.34, having reached nearly $1 earlier today, with the DB (Dev Buy) marker appearing on GMGN about five minutes after the tweet.
Nonetheless, readers are reminded to remain cautious. Meow, co-founder of Jupiter, said he has contacted the team behind CAR's deployment but cannot yet confirm whether the token was officially launched by authorities.
Maybe Web3 Was Wrong From the Start?
One of the most debated questions in this cycle is: Why, despite the previous bull market opening up imagination for diverse applications, has this cycle reverted back to pure speculation? But what if the premise itself is flawed? What if the ideas brought by the last bull market were merely illusions created under conditions of infinite quantitative easing, and so-called native applications like DeFi and NFTs are not the real path forward for Web3?
"Was the direction wrong from the beginning?" is a question we must confront now. When every project points toward high returns, continuing the party depends entirely on a constant influx of new capital. The reality, however, is that the industry is now full of scammers, and retail investors are nearly depleted. The myth of wealth creation hasn't attracted enough end users, but it has genuinely drawn in plenty of shovel sellers and opportunistic "smart" players using convenient tools to set up schemes.
Just when many believed Web3 would be different, disasters driven by amplified greed—like those seen in internet and finance—seem poised to repeat themselves in Web3. Endlessly issuing "useless" assets was never blockchain’s original intent, yet PvP will continue. Market crashes always come later than expected, but perhaps the time has come to start thinking about what the next real solution should be.
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