- $CAR memecoin hits $530M, but deepfake concerns cast doubt.
- A trader turned $5K into $12M, while insiders allegedly cashed out $15M.
The Central African Republic (CAR) just made headlines with a shocking move as it launches its own memecoin, $CAR. President Faustin-Archange Touadéra’s official X account announced the token on February 9, calling it an “experiment” to unite people and boost national development.
The token, built on Solana’s Pump.fun, skyrocketed to a $530 million market cap in hours. But just as quickly, doubts and controversy erupted.
Skeptics immediately questioned the legitimacy of the project. Crypto analyst Skynet Insights warned, “Do not buy $CAR, it’s a scam,” claiming insiders controlled 80% of the supply and had already cashed out over $15 million. Others pointed out that the project’s official website was registered using Namecheap, a budget domain provider, just three days before launch, hardly what you’d expect from a government-backed initiative.
Deepfake Allegations & Suspicious Timing
Then came an even bigger twist. AI detection tools flagged the president’s video announcement as suspicious. Deepware, a deepfake checker, gave it an 82% chance of being fake, raising questions about whether the president even made the announcement.
Adding to the chaos, the official X account dedicated to the memecoin, @CARMeme_News, was suspended, fueling more speculation.
President Touadéra, however, stood by the project, assuring his followers that the account would be restored soon. He doubled down on his support for crypto, tweeting, “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.”
Massive Gains, High Risks, and CAR’s Crypto History
Despite the controversy, some traders are cashing in big. On-chain data from Lookonchain revealed that one investor turned 25 SOL ($5,000) into a mind-blowing $12 million in under three hours, making a 2,450x return. The memecoin hype is real, but so are the risks.
This isn’t CAR’s first crypto experiment. In 2022, the country made Bitcoin legal tender, following El Salvador’s lead. It later launched Sango Coin to tokenize its natural resources. However, in 2023, CAR’s parliament reversed its Bitcoin legal tender status, casting doubt on the country’s long-term commitment to crypto.
Now, with the $CAR launch facing deepfake suspicions, liquidity concerns, and regulatory uncertainty, the big question remains: Is this a groundbreaking experiment or an elaborate scam? The world is watching.
Highlighted Crypto News for Today
TRUMP Token Drops Over 10% Amid Global Crypto Market Cap Decline
