On February 10, the Central African Republic (CAR) made an unexpected entry into the crypto market by launching its memecoin $CAR. Nonetheless, questions about the project's authenticity have already arisen.
Launch of Memecoin $CAR
President Faustin-Archange Touadéra announced the launch of $CAR through his official X account, describing it as an experiment in national unity and economic development. The coin launched on Pump.fun, quickly reaching a market cap of $590 million, before experiencing a drop.
Skepticism Around the Project
Despite excitement, the project is being scrutinized for potentially being a scam. The president's video statement on the project's website has been flagged for potential manipulation. Discrepancies in the domain and timing of the announcement further fueled suspicions.
Tokenomics Issues
The tokenomics analysis shows a considerable portion of tokens concentrated in a few wallets, raising concerns about centralization and genuine state backing. Such distribution suggests control of the project might be limited to a few entities.
The $CAR project has garnered a mixed reaction. CAR's attempts to integrate cryptocurrencies continue to attract attention, yet questions regarding the legitimacy of new initiatives remain.
