The launch of the CAR token has garnered significant attention, but concerns about deepfake technology and a sudden website suspension raise doubts about its legitimacy as a government-backed initiative.
On February 10, the Central African Republic (CAR) surprised many by announcing the creation of its own memecoin, CAR. This initiative aims to unite citizens, promote national development, and elevate CAR’s presence on the global stage.
The announcement was made via the official social media account of President Faustin-Archange Touadéra, who emphasized the project as a novel way to connect people and leverage the potential of memecoins.
In his statement, Touadéra highlighted CAR’s prior foray into cryptocurrency, noting his position as one of the early adopters of Bitcoin as legal tender. This bold move was framed as part of CAR’s commitment to embracing digital innovation.
Despite initial enthusiasm and a surge in valuation following the launch, skepticism quickly emerged. Allegations of deepfake manipulation surrounding the president’s announcement video raised red flags. AI detection tools indicated a high probability that the video may have been altered, though other systems did not confirm these suspicions.
The announcement and immediate concerns
Following the launch, concerns escalated when the dedicated social media account for the memecoin was suspended without notice. The president’s account later acknowledged this issue and stated efforts were being made to restore the account.
Further scrutiny was prompted by insights from industry experts, who pointed to irregularities in the domain registration of the CAR memecoin. The domain was secured just days before the announcement, inciting speculation regarding the credibility of this government-backed initiative.
As the situation unfolded, the website was suspended and labeled as an “abusive service,” raising further alarm about the project’s legitimacy.
Market response and volatility
Despite these emerging controversies, the CAR token initially skyrocketed in value, reaching an impressive $527 million market cap before retreating to $460 million shortly after. This volatility reflects broader concerns within the crypto sector, which has seen a recent surge in fraudulent memecoin activities.
This incident has sparked comparisons to other recent scams, where high-profile endorsements were quickly followed by account hijackings and site suspensions, leading to fears that CAR might be another case of deception.
As investigations continue, the true nature of the CAR token remains uncertain. ECNETNews is closely monitoring the story and will provide updates as more information becomes available.
