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The CAR meme coin, launched by Central African Republic’s President Faustin-Archange Touadéra, is currently facing significant scrutiny regarding its authenticity.
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Concerns have amplified as its website was taken down for “abusive service,” alongside the suspension of its official social media account.
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Moreover, insiders reportedly control 80% of the token supply, raising serious questions about transparency and fairness.
This article dives into the controversies surrounding the CAR meme coin launched by the Central African Republic and the potential issues it faces.
President Faustin-Archange Touadéra Announces CAR Launch
The launch of the CAR meme coin was announced through President Touadéra’s official X (formerly Twitter) account. In an ambitious statement, he proclaimed, “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.”
This announcement follows the country’s historic move to adopt Bitcoin (BTC) as legal tender in 2022, a decision that marked it as the second country globally to do so. The president emphasized the potential of blockchain technology to enhance community-driven initiatives in the country, fostering economic growth and development.
Despite the optimistic outlook, the initial promotional video released with the announcement has come under intense scrutiny. Deepfake detection tools have flagged the video as potentially manipulated, posing questions regarding the legitimacy of the project. Specifically, two out of four predictive models indicated a significant likelihood of deepfake characteristics.
Is the CAR Meme Coin Legitimate?
Credibility concerns have been raised about the CAR meme coin’s authenticity, especially regarding its domain registration. Notably, Yokai Ryujin, founder of UnrevealedXYZ, has pointed out that the domain car.meme was registered just three days prior to the official announcement of the project. Ryujin has stated, “This does not look like something a president or a country would do,” illuminating the potential for illicit behavior.
Adding to the red flags, the project’s website was swiftly taken down by Namecheap for “abusive service,” which has intensified scrutiny among potential investors. Additionally, the corresponding X account, designed to provide updates on the project, was suspended, leading President Touadéra to respond with a commitment to rectify the situation: “We are working with @X to get @CARMeme_News back online as soon as possible.”
On the blockchain front, the CAR meme coin launched on the Solana (SOL) Pump.fun platform and, within hours, its market cap skyrocketed to approximately $527 million, signaling a strong initial interest. However, confusion arose as multiple tokens with the same name appeared within the same timeframe, further muddying the waters for investors.
The emergence of alleged duplicate tokens has drawn concern from users. One user, identified as LINKKZYY, reported that another token mimicking the CAR meme coin was launched just two days earlier, indicating possible malicious intent behind the branding. The user claimed that the original token was rugged shortly before the CAR variation debuted.
This situation raises significant alarms among community members, particularly around the coin’s centralized control. One user, Bio7ss, flagged that insiders purportedly control 80% of the total supply, a condition that could spell disaster for retail investors should the insiders choose to liquidate their holdings. The user asserts, “If it were a regular coin it would be a major red flag. Insiders are already making millions dumping on you.”
Conclusion
The launch of the CAR meme coin is fraught with uncertainty and skepticism, stemming from issues related to its legitimacy and transparency. While President Touadéra’s vision for blockchain innovation sets an ambitious tone, the surrounding controversies must be addressed to establish credibility. As the situation unfolds, potential investors should exercise caution and remain informed about ongoing developments in this rapidly evolving story.
