On February 10, the Central African Republic entered the crypto market with the launch of its own memecoin $CAR, sparking both interest and doubt.
$CAR Memecoin Launch
President Faustin-Archange Touadéra announced the launch of $CAR memecoin on his official X account, describing it as an experiment in national unity and economic development. $CAR debuted on the Pump.fun platform of the Solana-based blockchain and reached a market capitalization of $590 million within a day. By Monday morning, the token was trading at approximately $0.26, with a total market cap of around $272 million.
Legitimacy Concerns
Despite the excitement, skepticism surrounds the project’s authenticity. President Touadéra’s official video statement was scrutinized using deepfake detection tools: Deepware suggested an 82% chance that the video was altered, while other tools found no manipulations. The domain registration process for the meme coin’s website also faced criticism. Expert Yokai Ryujin expressed skepticism, noting the registration did not resemble an official government project. In response, Namecheap suspended its domain registration service, but the site remains online.
Tokenomics and Questions
The tokenomics of $CAR raise concerns about centralization. One wallet holds 33.31% of the total supply, another controls 25%, and two wallets contain 9.81% and 8.39%, potentially earmarked for charity. Promised 20% for liquidity is yet to be added to the liquidity pool. The Central African Republic has a controversial history with cryptocurrencies: in April 2022, Bitcoin became legal tender but the law was repealed due to pressure from the Central African Economic Community.
The launch of $CAR memecoin has garnered significant interest, yet many questions remain about its legitimacy and distribution. This development has underscored the risks and benefits of cryptocurrencies in government management.
