According to reports, the Central African Republic (CAR) has introduced a new memecoin, $CAR, aiming to boost national development and expand its global recognition.
President Faustin-Archange Touadéra announced the initiative, highlighting its potential to unite people through digital assets. The token was launched on February 9 via the Solana-based Pump.fun platform and quickly reached a peak market capitalization of $527 million.
Touadéra, who previously positioned CAR as the second nation to adopt Bitcoin as legal tender, has been a vocal proponent of cryptocurrency’s role in economic transformation.
The project intends to use the memecoin to fund national projects and elevate the country’s presence in the global crypto landscape. However, controversy has emerged regarding the authenticity of the promotional video accompanying the launch.
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Expert Insights and Deepfake Concerns
According to AI detection models, President Touadéra’s announcement video has raised concerns over its authenticity. Deepware, an AI deepfake detection tool, indicated an 82% probability that the video was artificially generated.
However, other tools, including Avatrify and a separate Deepware checker, did not flag any irregularities. Despite these conflicting results, skepticism remains as critics question the legitimacy of the announcement.
Additionally, the project’s official website, car.meme, was registered only three days before the public launch on Namecheap. According to experts, such a brief registration period is atypical for government-backed initiatives.
Following scrutiny, Namecheap suspended the domain, citing it as an “abusive service.” These factors have intensified doubts surrounding the project’s credibility.
Government Response and Market Impact
In response to the growing concerns, the government reassured the public that the token supply had been securely locked through Streamflow, aligning with the distribution plan, emission groups, and release schedule detailed on the website. Despite these assurances, skepticism persists about the project’s authenticity and objectives.
With lingering questions about the legitimacy of the president’s video and the swift domain suspension, the $CAR memecoin faces challenges in gaining investor confidence.
While the government continues to defend the project, the increasing scrutiny could impact its long-term success in the cryptocurrency market. The situation remains under observation as developments unfold.
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