The official X account of CAR President Faustin-Archange Touadéra announced the launch of $CAR, a meme coin aimed at uniting people and supporting national development. The token debuted on Solana-based launchpad pump.fun, trading at $0.45 and having a market cap of $374.4 million.
However, concerns quickly emerged as critics claim over 80% of the supply is insider-controlled, with $15 million already cashed out.
The $CAR website was registered on a budget domain registrar and later suspended, and similar scams have involved compromised government and celebrity X accounts.
With $CAR’s legitimacy under question, its lack of transparency and security issues raise doubts about whether it’s a genuine national experiment or a potential crypto scam.
Despite CAR’s rich gold and diamond reserves, the country remains one of the poorest, facing ongoing conflict and economic struggles. The launch follows the recent success of $TRUMP, a meme coin by U.S. President Donald Trump, which briefly reached a $14.5 billion market cap before declining.
However, $CAR faced early challenges, including suspending its dedicated X account. Whether the token can drive real economic benefits or remains a speculative asset is yet to be seen.
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