Central African Republic Launches Memecoin Amid Controversy and Skepticism
On February 10, 2025, the Central African Republic (CAR) made headlines with the launch of its new memecoin, $CAR, a move that has sparked both excitement and skepticism in the cryptocurrency community. The initiative, announced via the official social media account of President Faustin-Archange Touadéra, was framed as an “experiment” designed to unify citizens, support national development, and elevate CAR’s presence on the global stage.
Announcement Highlights
In his announcement, Touadéra expressed his belief in the potential of cryptocurrencies to transform economies, noting his historic decision to adopt Bitcoin as legal tender in 2022. “Today, we are launching $CAR,” he stated, emphasizing the capacity of a meme to bring people together and foster national progress. “For all information about CAR Meme, visit [our website].”
The memecoin was launched on the Solana-based platform Pump.fun and immediately attracted significant market interest, amassing a valuation of $527 million soon after its debut.
Rising Skepticism
However, the initial enthusiasm was quickly tempered by rising concerns regarding the legitimacy of the project. Following the launch, deepfake detection algorithms indicated a high probability that the announcement video featuring the president was artificially generated. One such tool, Seferbekov, reported an 82% likelihood that the video was not genuine, raising alarms in the crypto community.
Compounding these worries, the official X account set up for the CAR memecoin was suspended shortly after its launch. President Touadéra’s account acknowledged the suspension, stating that efforts were underway to restore it, which raised further questions about the organization behind the initiative.
Domain Registration Irregularities
Adding fuel to the fire, Yokai Ryujin, founder of UnrevealedXYZ, highlighted anomalies in the registration of the memecoin’s domain. The domain car.meme was registered just three days prior to the announcement using Namecheap, a provider often associated with lower-cost services. Ryujin described the timing and method of registration as atypical for a government initiative.
Shortly after these revelations, Namecheap suspended the website, labeling it an “abusive service,” confirming the concerns raised by Ryujin and others regarding the project’s authenticity.
A Volatile Debut
Despite the controversies surrounding the memecoin, the CAR token’s valuation initially soared. It peaked at approximately $527 million, but as of February 10, the value saw a decline, settling at around $460 million. This volatility is underscored by the backdrop of recent fraud incidents within the cryptocurrency space, including high-profile scam efforts that have involved the hijacking of social media accounts to promote fraudulent memecoins.
The swift rise and fall of the CAR token, coupled with the questionable legitimacy of its launch, have led some to speculate about the possibility of this being an elaborate scam rather than a genuine government-backed initiative.
Ongoing Investigation
As the situation develops, the crypto community remains on high alert, with experts and enthusiasts urging caution. Crypto.news has committed to investigating the unfolding story and will provide updates as more information becomes available.
While the CAR memecoin launch has indeed captured attention, the questions surrounding its legitimacy could overshadow potential benefits outlined by the Central African Republic’s government. As the market digests this unexpected announcement, it remains to be seen whether CAR will effectively leverage this initiative or if the risks will outweigh the rewards.
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