On February 10, the Central African Republic (CAR) unexpectedly entered the crypto market by launching its own memecoin, $CAR. The announcement was made by President Faustin-Archange Touadéra via his official X account.
Launch and Reaction
$CAR debuted on the Solana-based platform Pump.fun, where its market cap quickly surged to $590 million. By the next morning, the token was valued at approximately $0.26, with a total market cap of around $272 million.
Legitimacy Concerns
Despite the excitement, doubts persist about the project's authenticity. A video statement by the President was flagged as potentially manipulated, raising fears that the launch may be a sophisticated scam.
Tokenomics Analysis
The tokenomics of $CAR reveals an uneven token distribution, with significant concentrations in a few wallets, prompting concerns about centralization and the project's true intentions.
Questions about the legitimacy of the $CAR project remain unresolved. The Central African Republic already has a controversial history with cryptocurrency. The future of $CAR remains uncertain, and experts advise caution.
