The Central African Republic (CAR) launched its memecoin, $CAR, with President Faustin-Archange Touadéra promoting it as a national development experiment. Initially surging to $527 million, the token’s legitimacy is now in question.
Red Flags & Deepfake Concerns
AI analysis suggests an 82% chance the president’s announcement video was AI-generated. Also, the official CAR Meme X account was suspended.
Additionally, the project’s website, registered just three days before launch, was taken down for being an abusive service.
Market Reaction & Fraud Speculation
Despite the scepticism, $CAR hit $527M before dropping to $460M. The situation mirrors recent meme coin scams, with sudden takedowns and high-profile endorsements.
It remains unclear if $CAR is a government-backed initiative or a hoax, but caution is advised.
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