Memecoin Craze Continues: A Surprise Country Announces Memecoin Launch! But Experts Warned!

While Bitcoin (BTC) and altcoins are trying to recover from last week’s bloodbath, memecoin is still burning bright.

At this point, while many names are issuing memecoins, the Central African Republic has also joined the memecoin craze.

Accordingly, the Central African Republic has also launched a memecoin called CAR. Central African Republic President Faustin-Archange Touadéra introduced his country’s memecoin CAR in order to support national development and increase its global visibility. In the statement, it was stated that CAR aims to promote the country in a unique way on a global scale.

“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.

As the second president in the world to adopt Bitcoin as legal tender, I have always recognized the potential of cryptocurrencies and the benefits they provide on a global scale.”

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.

Contract: 7oBYdEhV4GkXC19ZfgAvXpJWp2Rn9pm1Bx2cVNxFpump

— Faustin-Archange Touadéra (@FA_Touadera) February 9, 2025

Fraud?

However, doubts about the publication of CAR are growing, as the site’s domain provider has closed the video and some X users have claimed that Touadéra’s video is a deepfake. At this point, some in the cryptocurrency community have suggested that the project could be a scam.

The Central African Republic memecoin CAR has had a much more challenging launch process than US President Donald Trump’s memecoin TRUMP, Cos., founder of blockchain security firm SlowMist, said.

The SlowMist founder noted that there was a lack of transparency in some information regarding CAR, adding that there were serious issues with the memecoin’s information being quoted by trading platforms.

After experiencing a huge rise after its launch, CAR then experienced a sharp decline. CAR, which has fallen by more than 60% in the last 24 hours, continues to trade at $0.25 at the time of writing.

中非总统发 CA？感觉比 $TRUMP 当时发射时粗暴多了…目前网站 https://t.co/67rx3P83HU 打不开，4 前天在 Namecheap 上注册的。CA 创建者资金来源币安，近 80% $CAR 主要分布在与创建者有关的 6 个地址上（锁仓细节没去验证）。

感觉信息不透明的地方不少。… pic.twitter.com/7qZSTRTjh4

— Cos(余弦)😶‍🌫️ (@evilcos) February 10, 2025

*This is not investment advice.