The Central African Republic (CAR) has taken an unexpected leap into the world of cryptocurrency by launching its own meme coin, $CAR. President Faustin-Archange Touadéra announced the project on Feb. 10 via his official X account, calling it an experiment meant to unite people, boost national development, and elevate the country’s global profile.

While meme coins are often dismissed as volatile and impractical, $CAR quickly gained traction in the crypto community. Hosted on the Solana-based Pump.fun platform, the token initially surged in market value, reaching an astonishing $527 million at its peak. This marked a historic moment, as it became the first-ever national meme coin to hit such numbers. However, the excitement was short-lived, as red flags soon emerged.

Deepfake Allegations and Suspended Accounts

Skepticism arose almost immediately after the announcement. AI detection tools flagged President Touadéra’s video message as potentially AI-generated, with one model estimating an 82% likelihood of deepfake manipulation. This raised concerns about the authenticity of the project and whether it was genuinely government-backed.

Further adding to the controversy, the official X account created to provide updates on $CAR was abruptly suspended without explanation. President Touadéra acknowledged the issue, stating that efforts were being made to restore the account. The sudden disappearance of the token’s social media presence fueled speculation that the entire initiative might be fraudulent.

Another major red flag came when blockchain analyst Yokai Ryujin pointed out irregularities in the project’s domain registration. The official website, car.meme, had been registered only three days before the announcement via Namecheap, a budget-friendly domain provider. Such a move was considered highly unusual for a government-backed initiative.

Shortly after, Namecheap suspended the website, citing “abusive service” as the reason. The takedown validated concerns among skeptics, leading many in the crypto community to question the legitimacy of the CAR meme coin.

The project’s website and X account is down at the time of writing.

Market Volatility and Parallels to Other Crypto Scams

Despite the mounting controversy, $CAR’s launch was initially successful. However, the token’s value has already begun to decline, falling to $460 million as of Feb. 10. The rapid rise and fall of $CAR mirrors recent trends in fraudulent meme coin launches, including scams linked to high-profile figures such as former Malaysian Prime Minister Mahathir Mohamad and Solana DEX aggregator Jupiter.

The similarities between these cases—sudden high-profile endorsements, immediate website removals, and social media suspensions—have led many to suspect that CAR’s meme coin might not be a legitimate government initiative. However, as of now, no concrete evidence confirms whether this is an official national project or an elaborate scam.

A Costly Mistake?

The Central African Republic has previously positioned itself as a pro-crypto nation, being the second country in the world after El Salvador to adopt Bitcoin as legal tender. This latest experiment with a national meme coin could either be a visionary step toward financial innovation or a misstep that risks undermining trust in the nation’s economic strategies.

With ongoing investigations and growing skepticism, the fate of $CAR remains uncertain.

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