TL;DR
- The Central African Republic (CAR) launched its official meme coin, $CAR, on February 9, aiming to boost the nation’s global profile.
- AI deepfake detectors flagged President Touadéra’s announcement video as potentially manipulated, and the project’s dedicated account was suspended.
- Despite the initial hype, $CAR’s price volatility revealed significant insider gains and raised concerns about transparency.
The Central African Republic (CAR) launched its official meme coin, $CAR, on February 9, as part of President Faustin-Archange Touadéra’s bid to elevate the nation’s global profile. Marketed as a “unifying experiment” to support national development, the Solana-based token surged to an $800 million market cap within hours but collapsed by 64% to $0.22–$0.25 within 24 hours.
The coin’s contract address and initial hype were announced via the president’s X account, which cited blockchain’s potential to drive community-driven initiatives.
https://twitter.com/FA_Touadera/status/1888722674265764017
Deepfake Suspicions and Regulatory Red Flags
AI deepfake detectors raised alarms after analyzing President Touadéra’s announcement video. Tools like Deepware’s Seferbekov model flagged an 82% likelihood of manipulation, while domain registration irregularities (e.g., car.meme registered days before launch via budget provider Namecheap) fueled skepticism.
X suspended the project’s dedicated account, @CARMeme_News, further eroding trust. Despite Touadéra’s reassurances, critics likened $CAR to high-risk scams, noting that 80% of its supply was controlled by insiders—a pattern reminiscent of Trump’s $TRUMP token, which crashed after similar allegations.
Insider Gains and Market Turmoil
While $CAR’s price volatility left retail investors reeling, on-chain data revealed staggering profits for early traders. One address turned $5,000 into $12 million in under three hours, while insiders reportedly cashed out $15 million.
The token’s allocation plan—35% for “Country Development” and 10% for charity—drew scrutiny, as vesting contracts could be canceled unilaterally. Analysts warned that the project’s lack of transparency and liquidity risks mirrored pitfalls seen in meme coins like Dogecoin and Shiba Inu.
CAR’s Rocky Crypto History
This isn’t CAR’s first foray into crypto. In 2022, it adopted Bitcoin as legal tender, only to reverse the decision in 2023 due to political instability and infrastructure gaps. The $CAR launch reignited debates about leveraging digital assets for economic recovery in one of the world’s poorest nations, which remains plagued by rebel violence despite rich diamond and gold reserves.
Global Reactions: Innovation or Gambling?
The crypto community remains divided. Supporters argue that $CAR pioneers “CountryFi,” enabling nations to monetize memetic influence. Skeptics, including deVere Group CEO Nigel Green, likened it to gambling, urging investors to prioritize diversified portfolios.
As of February 10, $CAR trades at $0.17, with analysts warning of further declines unless legitimacy concerns are addressed. The world now watches whether this “experiment” will unite a nation or deepen its financial woes.
