The Central African Republic (CAR) has become the center of a crypto controversy after launching its official memecoin, which quickly skyrocketed to a $527 million valuation. However, the project has been met with skepticism, as AI deepfake detection tools flagged a video announcement from CAR President Faustin-Archange Touadéra as suspicious.
With concerns about hacks, impersonation, and suspicious tokenomics, questions remain over whether the CAR government is truly behind the memecoin’s launch—or if the entire project is a well-orchestrated scam.
Memecoin Launch and Market Surge
In a February 9 X post, CAR President Faustin-Archange Touadéra’s official account announced the country’s first memecoin, describing it as an “experiment” to aid national development and put the nation on the global crypto stage.
The token, launched on Solana-based memecoin launchpad Pump.fun, rapidly gained traction, reaching a peak market capitalization of $527 million, according to DexScreener data.
The official website includes:
- A video statement supposedly from President Touadéra.
- A tokenomics page outlining the supply breakdown.
However, the legitimacy of both has come into question.
Deepfake Concerns and Possible Hack
A video statement from President Touadéra announcing the memecoin was analyzed using multiple AI deepfake detection models.
- Deepware, a free deepfake checker tool, flagged the video as suspicious, with another model estimating an 82% probability that it was fake.
- Other detection tools, such as Avatrify and Deepware’s own AI model, did not confirm the video as a deepfake.
This uncertainty has fueled speculation that the president’s X account was hacked, with scammers using his identity to promote the project.
Skeptics Question the Project’s Authenticity
Crypto users and analysts have flagged several red flags regarding the CAR memecoin launch.
- Timing concerns – The token was launched at midnight local time, an unusual hour for an official government initiative.
- Language inconsistencies – The official announcement was posted only in English, despite French being the CAR’s official language.
- Liquidity issues – While the tokenomics page promises a 20% liquidity allocation, this has not yet been added to a liquidity pool.
Pseudonymous trader Crypto Dreamer noted that the language and phrasing of the tweet were also inconsistent with official government communications, further casting doubt on the project’s credibility.
Tokenomics and Wallet Distribution
Blockchain data from DexScreener and Solscan suggests that the token’s supply distribution aligns with the figures provided on the official website:
- 33.31% of the supply is held in one wallet.
- 25% is stored in another.
- 9.81% and 8.39% are in separate wallets, one of which may be earmarked for charity.
However, the promised liquidity allocation remains missing, a major red flag that could suggest potential rug-pull risks.
CAR’s Troubled History with Crypto
The Central African Republic has had a complicated relationship with cryptocurrency regulation and adoption.
- In April 2022, CAR became the second country after El Salvador to adopt Bitcoin as legal tender.
- Shortly after, the government launched Sango Coin, a token intended to attract foreign investment by offering citizenship to holders.
- By March 2023, however, the country repealed the law that granted Bitcoin legal tender status, following backlash from regional financial authorities.
Given this history of instability in CAR’s crypto policies, investors remain wary of the government’s latest involvement in blockchain initiatives.
What Happens Next?
As questions surrounding the CAR memecoin’s legitimacy grow, the crypto community awaits further clarification from government officials.
- Was the memecoin launch genuine, or was it the result of a sophisticated hack?
- Will the missing liquidity allocation be added, or is this a slow-building rug pull?
- Will President Touadéra address the deepfake allegations and concerns over the suspicious timing of the announcement?
Until these concerns are resolved, the CAR memecoin remains one of the most controversial and puzzling crypto projects of 2024—one that could either usher in a new wave of national blockchain adoption or go down as another elaborate crypto scam.
