On February 10, the Central African Republic (CAR) launched its own memecoin, $CAR, sparking doubts about its legitimacy soon after.
$CAR Launch and Achievements
$CAR debuted on Pump.fun, a Solana-based memecoin launchpad, quickly reaching a market cap of $590 million. However, within a few days, the token's price fell to approximately $0.26, with a market cap around $272 million.
Deepfake Allegations and Inconsistencies
Suspicions arose regarding a video statement from President Faustin-Archange Touadéra, flagged as potentially manipulated. Discrepancies in the registration process and announcement timing also raise questions about the project's official status.
Economic Concerns and Skepticism
The tokenomics of $CAR raise concerns: 33.31% of the total supply is held in a single wallet, with large portions controlled by a few addresses. These aspects cast doubts on centralization and the claimed state backing of the project.
The $CAR launch has made waves in the crypto community, but inconsistencies and manipulation suspicions prompt skepticism about its authenticity. Further investigation is required to confirm the legitimacy of this venture.
