{"id":464727,"date":"2025-02-10T09:14:56","date_gmt":"2025-02-10T09:14:56","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=464727"},"modified":"2025-02-10T09:14:56","modified_gmt":"2025-02-10T09:14:56","slug":"central-african-republics-car-memecoin-raises-scrutiny","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/central-african-republics-car-memecoin-raises-scrutiny\/","title":{"rendered":"Central African Republic’s CAR memecoin raises scrutiny"},"content":{"rendered":"

The Central African Republic (CAR) has introduced CAR, a memecoin project aimed at testing its potential role in national development.<\/p>\n

President Faustin-Archange Touad\u00e9ra announced<\/a> the launch on Feb. 9 via X, describing the initiative as an experiment to showcase how a meme-based asset could bring people together, promote economic growth, and elevate the country's global presence.<\/p>\n

A video<\/a> accompanying the announcement reinforced the government's commitment to fostering a strong community around the project.<\/p>\n

He added:<\/p>\n

“As the second president in the world to adopt Bitcoin as legal tender, I have always recognized the potential of crypto and its benefits on a global scale.”<\/p><\/blockquote>\n

CAR memecoin<\/h2>\n

CAR is a memecoin launched via the Solana<\/a> launchpad, Pump.fun<\/a>.<\/p>\n

On-chain data<\/a> shows that it has a total supply of 1 billion tokens, with the top four holders owning around 76% of the supply.<\/p>\n

Independent crypto investigator Stephen Findeisen, known as Coffeezilla, pointed out<\/a> that the token's structure mirrors that of the TRUMP<\/a> coin\u2014a memecoin associated with US President Donald Trump.<\/a><\/p>\n

According to Dexscreener data, the token's market cap peaked above $500 million within hours of its launch but has since retraced to $284 million as of press time<\/span>.<\/p>\n

Coinbase<\/a> director Conor Grogan noted<\/a> that this performance meant that the meme coin's market cap was already equivalent to 20% of CAR's 2023 GDP of $2.56 billion. If the token reaches $2.50, it would match the entire nation's economic output. This has fueled a market-wide discussion about the token's impact.<\/p>\n

Controversies trail CAR<\/h2>\n

Despite the government's backing, the memecoin has faced intense scrutiny from the crypto community.<\/p>\n

Soon after its launch, the project's X account was suspended, raising concerns about transparency. President Touad\u00e9ra assured supporters that efforts were underway to restore it.<\/p>\n

However, doubts escalated when\u00a0the Persian-language account of crypto exchange CoinEx suggested<\/a> that the promotional video featuring President Touad\u00e9ra might have been generated using deepfake technology. This claim led to speculation that the project might not have official government endorsement.<\/p>\n

Additional red flags emerged when crypto analysts discovered that the memecoin's domain was registered three days before the announcement. This detail made many question<\/a> whether a sitting president would be behind such an initiative.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central African Republic (CAR) has introduced CAR, a memecoin project aimed at testing its potential role in national development. President Faustin-Archange Touad\u00e9ra announced the launch on Feb. 9 via X, describing the initiative as an experiment to showcase how a meme-based asset could bring people together, promote economic growth, and elevate the country’s global […]<\/p>\n","protected":false},"author":720,"featured_media":464730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77032],"tags":[77766,77669,79212,79513,75380],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nCentral African Republic's CAR memecoin raises scrutiny<\/title>\n<meta name=\"description\" content=\"Critics question CAR's memecoin legitimacy as deepfake accusations and domain registration timing raise red flags.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/central-african-republics-car-memecoin-raises-scrutiny\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central African Republic's CAR memecoin raises scrutiny\" \/>\n<meta property=\"og:description\" content=\"Critics question CAR's memecoin legitimacy as deepfake accusations and domain registration timing raise red flags.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/central-african-republics-car-memecoin-raises-scrutiny\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-10T09:14:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/02\/africa-car.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/central-african-republics-car-memecoin-raises-scrutiny\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/central-african-republics-car-memecoin-raises-scrutiny\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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