The Central African Republic (CAR) made an unexpected entry into the crypto market by launching its own memecoin, $CAR. However, the initiative has raised questions about the project's legitimacy.
$CAR Memecoin Launch
On February 10, the Central African Republic made an unexpected foray into the crypto market by launching its own memecoin, $CAR. The announcement was made via President Faustin-Archange Touadéra's official X account, describing it as an experiment in national unity, economic development, and global recognition.
Authenticity Concerns
Despite the buzz around $CAR, the project is shrouded in skepticism. The president's video statement may have been altered, as suggested by deepfake detection tools. Additionally, the memecoin’s website domain registration via Namecheap raises doubts about the initiative's official status.
Doubts in Tokenomics
The tokenomics of $CAR also trigger concerns: a significant portion of the token's supply is concentrated in a few wallets, enhancing doubts if $CAR is a state-backed initiative or a speculative asset.
The launch of the $CAR memecoin drew global crypto community attention, but many questions about its legitimacy and authenticity remain. Suspicions of manipulation and high centralization level only fuel more doubt.
