- Central African Republic’s $CAR hit $900M before losing 60% amid skepticism.
- AI tools flagged the president’s announcement as possibly manipulated, raising doubts.
- Blockchain data suggests government involvement, but speculation fueled the price surge.
A government launching a memecoin sounds unreal. The Central African Republic just did exactly that. President Faustin-Archange Touadéra announced CAR memecoin in a video on X. The market reacted instantly. The token’s value skyrocketed, hitting a $900 million market cap. Then doubts crept in. Some questioned the video’s authenticity. Others called the memecoin a risky gamble. Did a government truly back this project, or was this just another crypto illusion?
Doubts Over The Announcement
Minutes after the video appeared, AI detection tools flagged possible manipulation. Some platforms claimed the footage looked altered. The president’s lip movements matched the audio, but the background seemed artificial. Previous recordings of the CAR leader had triggered similar AI-based concerns. Hacking theories also spread. Some believed the president’s X account had been compromised. That idea quickly lost traction. Fraudulent posts usually disappear within hours, yet this announcement remained.
Blockchain Data Supports The Claims
On-chain records revealed a controlled distribution of CAR tokens. A primary wallet, ending in “121ftn,” secured 79.3% of the supply. The wallet then spread tokens across four addresses. This allocation matched the official breakdown. Such precision would be nearly impossible for a fake project. The government’s involvement looked increasingly likely.
Despite this evidence, wild price swings fueled uncertainty. The $900 million peak quickly faded. The token lost over 60% of its value within hours. President Touadéra described the launch as an experiment to promote national unity and global recognition. But speculation drove the surge.
Thousands rushed to buy, chasing quick profits. Many ended up holding heavy losses. A government-backed project adds credibility, but market forces decide long-term success. Hype alone never sustains value. The coming weeks will show whether $CAR becomes a lasting phenomenon or fades into memecoin history.
