Central African Republic Launches $CAR Meme Coin: Is This a National Development "Experiment" or a Crypto Pump-and-Dump Scheme?

Central African Republic's President Launches Meme Coin, Raising Questions Over Legitimacy

A social media post by Central African Republic (CAR) President Faustin-Archange Touadéra has ignited controversy after he announced the launch of a national meme coin, $CAR.

The announcement, shared on his official X account, claimed the token was “an experiment” aimed at uniting people, supporting national development, and putting the country on the global stage.

However, the legitimacy of the project remains in question, as doubts over hacking and deepfake allegations continue to circulate.

Suspicion Over Timing and Language of Announcement

Skepticism arose immediately after the post appeared online.

The announcement was made around midnight local time, an unusual hour for an official government communication.

Adding to the doubts, the post was written in English, despite CAR’s official languages being French and Sango.

This led many to suspect that the president’s account had been compromised — similar to past incidents where high-profile figures had their social media hacked to promote fraudulent crypto schemes.

Last month, Cuba's Ministry of Foreign Affairs' X account was allegedly hacked and used to promote multiple memecoins on the Solana blockchain, leading to pump-and-dump scams that wiped out millions.

While the government denies involvement, investors remain skeptical as suspicions persist over whether this was a hack or a state-backed scheme.

However, the situation took a dramatic turn when Touadéra released a video message speaking in French, reiterating his support for the token.

In the video, he said,

“The Central African Republic has always believed in the power and the importance of community. Based on this belief, and as a symbol of unity, I am proud to announce the launch of the official meme coin of the Central African Republic.”

The video was enough to silence some critics, but others remained unconvinced, arguing that it could be an AI-generated deepfake.

Market Frenzy Sends $CAR Soaring, Then Crashing

Despite concerns, the token surged in value following Touadéra’s endorsement.

Within just two and a half hours, $CAR’s market capitalisation skyrocketed by 1,210%—jumping from $68.47 million to $897.41 million, according to DEX Screener.

At its peak, the token’s valuation was nearly a third of CAR’s total GDP, which stands at $3.03 billion, as reported by the International Monetary Fund.

However, the excitement was short-lived.

The token’s market cap plunged 87% in just 11 hours, dropping to $125 million.

The collapse was fueled by renewed skepticism, including claims that the president’s video had been manipulated and concerns over the project’s disappearing online presence.

Deepfake Allegations and Social Media Suspensions

As uncertainty spread, some AI-powered deepfake detection tools flagged the president’s video as suspicious.

Analysts noted inconsistencies in the background but acknowledged that his lip movements appeared natural.

Past instances of the same AI tools mistakenly flagging legitimate videos of Touadéra added further doubt to the accuracy of these assessments.

Meanwhile, the X account dedicated to $CAR was suspended, furthering speculation that the project was not as official as it claimed to be.

The token’s website also went offline, reinforcing concerns that the initiative might not be legitimate.

However, another twist emerged when the president posted again, reigniting investor interest.

His statement caused $CAR to rally by 196% within 30 minutes, bringing its market cap back up to $375 million.

Alongside this resurgence, a new website was launched, and the token’s social media presence was restored.

On-Chain Data Suggests Government Involvement

Blockchain analysis has provided some credibility to the project.

Bubblemaps, a blockchain analytics company, reviewed on-chain data and found that the distribution of the token closely aligns with its official tokenomics breakdown.

According to the project’s tokenomics page, 35% of the supply is allocated for national development, 25% for creators and company, 20.7% for liquidity, 10% for charity, and 9.3% for public distribution.

On-chain transactions appear to match these allocations, suggesting that the government is indeed behind the project.

Analysts have pointed out that such precise distribution would be difficult to replicate unless the issuer was genuinely the creator of the token.

Uncertainty as CAR’s Meme Coin Continues to Fluctuate

Despite attempts to restore faith in the project, $CAR has continued its volatile journey.

After briefly recovering, its trading price tumbled again, falling over 92% to under $0.042.

Touadéra remained defiant, promising that this was just the beginning.

He assured,

“Thanks to this momentum we have already begun to explore new opportunities to make CAR meme coin to drive real change. We are working on development initiatives and charitable programs that will directly benefit our people and strengthen our economy.”

He assured followers that further updates would be coming soon, stating,

“I promise to come back very soon with major announcements.”