The Central African Republic has seemingly launched a memecoin to bolster national development.
Background
- On the token’s official website, there’s a video statement from President Faustion-Archange Touadera
- Alongside, there’s also a tokenomics page that breaks down the token’s total supply
- X suspended a separate account created for updates and announcements on CAR
- Touadera said that the government was trying to get it back online as soon as possible
Why should you pay attention?
- The CAR memecoin was launched at 10:25 pm UTC on the Solana-based launchpad Pump.fun
- It sharply rose in value on the heels of the launch but deflated right after
- At press time, its market cap was hovering close to $160 million
- However, some detectors (Ensemble and Seferbekov) have flagged the video and warned about its deepfake nature
- Meanwhile, other models, including Avatrify and Deepware’s detector, did not highlight any concerns
- Resultantly, one side of community members believe that the launch is legitimate, while the remaining on the other side of the spectrum believe that the President’s account was sophistically hacked to promote the fake memecoin
- Despite the prevailing skepticism, an early trader managed to convert $5k to $12 million in a span of three hours
- However, another trader has lost more than $1.5 million
Who said what?
- CAR President Touadera shared the contract details on his official X account and stated,
“Today, we are launching $CAR - an experiment designed to show how something as simple as a meme can unite people, support national development and put the Central African Republic on the world stage in a unique way”
- He added,
“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”
Zooming out
- The President has deemed the launch to be a “success” and affirmed that the government is “building for the long term”
