On February 10, the Central African Republic (CAR) took the world by surprise with the launch of its own memecoin, $CAR. The announcement, made through the official X account of President Faustin-Archange Touadéra, was positioned as an ambitious experiment to bring the nation together, drive development, and gain global attention. However, despite initial enthusiasm, the project quickly raised suspicions, leaving many questioning whether this is truly a government-backed initiative or just another elaborate scam.
Touadéra’s announcement drew attention to CAR’s prior stance on cryptocurrency, referencing the country’s adoption of Bitcoin as legal tender, making it the second nation in the world to do so. The $CAR token was introduced on the Solana-based Pump.fun platform, and in the hours following its launch, the coin experienced a meteoric rise in value, with traders flocking to participate in what seemed to be a groundbreaking move in the cryptocurrency world.
Early Doubts and Growing Concerns
Despite the early excitement, doubts about the authenticity of the memecoin began to surface almost immediately. One of the first red flags came after an analysis of the announcement video by AI detection tools. One tool, Seferbekov, flagged the video with an 82% likelihood that it was generated using deepfake technology, while another tool, Ensemble, also raised concerns. However, two other tools, Avatrify and Deepware, found no signs of manipulation, leaving the situation murky and fueling skepticism.
The situation escalated further when the official $CAR token X account, created specifically to promote the project, was suddenly suspended. The official account of President Touadéra later acknowledged the suspension and assured the public that they were working with X to restore the account. This quick removal added to the growing doubts surrounding the legitimacy of the memecoin.
Suspicious Domain Registration and Website Takedown
Further suspicion arose when details about the memecoin’s domain registration came to light. According to Yokai Ryujin, the founder of UnrevealedXYZ, the domain “car.meme” was registered with Namecheap, a low-cost domain provider, just three days before the official announcement. Ryujin pointed out that this behavior was highly unusual for a government-backed project. Shortly after the domain’s registration, Namecheap suspended the website, citing the domain as an “abusive service,” adding even more uncertainty to the situation.
Ryujin, who had expressed concerns about the memecoin from the outset, suggested that the website takedown confirmed the doubts he had raised. He urged the crypto community to be cautious and stay vigilant, as the rapid changes and irregular actions were all too reminiscent of previous fraudulent crypto projects.
Volatility and Parallels to Other Recent Scams
Despite the mounting controversy, the $CAR token briefly reached a peak market value of $527 million after its launch, though by the afternoon of February 10, its valuation had fallen to $460 million. This volatility highlighted the unstable nature of the project and the risks associated with it.
The timing of the launch was particularly notable, given the recent rise in fraudulent cryptocurrency projects. Just days prior, the X accounts of former Malaysian Prime Minister Mahathir Mohamad and the Solana-based decentralized exchange aggregator Jupiter were hijacked to promote fraudulent memecoins. The striking similarities in tactics—such as high-profile endorsements, rapid website suspensions, and sudden social media account takeovers—have led many to believe that CAR could be yet another high-profile scam.
