CAR Memecoin Presidential Launch Sparks Surge Then 97 Percent Crash Amid Controversy
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The President of the Central African Republic (CAR), Faustin-Archange Touadéra, officially introduced the CAR Memecoin on February 9, sharing a video on his X account. However, the launch quickly became a topic of debate, with some speculating that his account had been hacked and others questioning whether the video was authentic.
https://twitter.com/cobbo3/status/1889738171841433669
Despite the controversy, President Touadéra has strongly defended the project, dismissing claims that the video was a deepfake or that his social media had been compromised.
CAR Memecoin’s Rapid Rise and Sudden Collapse
Initially, the CAR Memecoin experienced a massive surge, reaching a peak market cap of over $900 million. But just as quickly as it rose, the token’s value took a nosedive, plummeting by more than 97%. As of February 14, 2025, the coin was trading at approximately $0.021, with a market capitalization of around $21.7 million. This represents a staggering decline from its all-time high of $0.7757, highlighting the extreme volatility often seen in the meme coin market.
https://x.com/bitsphereio/status/1888793465435386175
Right after the announcement, concerns arose about whether the project was genuine. Some experts noticed flaws in the launch video, while others warned that cybercriminals often hack popular social media accounts to promote fake cryptocurrencies. Suspicion grew when Namecheap, the domain provider, suspended the project’s website, making it unreachable. Adding to the doubts, the project’s X account was also taken down, raising even more red flags.
Uncertainty Surrounds the Future of CAR Memecoin
Meanwhile, presidential spokesperson Albert Yaloké Mokpeme acknowledged the concerns, admitting that the project’s introduction may have led to confusion. However, he emphasized that the CAR Memecoin was intended to attract global attention and investment. In a February 12 post on X, President Touadéra reaffirmed his commitment to blockchain innovation and thanked TF1 Info for confirming that his account had not been hacked.
https://twitter.com/FA_Touadera/status/1889671333291684274
Despite the government’s reassurances, concerns persist about the long-term viability of the CAR Memecoin. Investors remain uneasy due to the lack of a clear emission schedule and distribution plan. The controversy has also drawn comparisons to past fraudulent crypto projects and even sparked the creation of copycat tokens, such as the fake $DRC Memecoin, which saw brief popularity before quickly collapsing.
Therefore, the future of the CAR Memecoin is still unclear. It could become a real blockchain project or disappear like many other meme coins. One thing is certain—crypto investors should be cautious, especially with digital assets linked to politics.
