CAR President’s Account Announces $CAR Token
The official X account of Faustin-Archange Touadéra, President of the Central African Republic (CAR), announced the launch of a memecoin called $CAR, claiming it is an "experiment" to unite people and support national development. However, the authenticity of the project remains uncertain. The Block has reached out to CAR’s government for confirmation, as there are growing doubts about whether the initiative is state-backed or an elaborate scam.Concerns Over Manipulation and Possible Exit Scam
The $CAR token, launched on Solana-based Pump.fun, quickly reached a market cap of $374.4 million, but security experts have raised red flags:Key Highlights:
- Over 80% of the supply is controlled by a small group, suggesting potential market manipulation.
- At least $15 million has reportedly been cashed out, leading to fears of a rug pull.
- The token’s website was registered on discount domain registrar Namecheap.com, a common tactic for scam projects.
- The project's X account was suspended, raising further credibility concerns.
CAR’s Crypto History and Potential Scam Risks
The Central African Republic made headlines in 2022 when it became the second country to recognize Bitcoin as legal tender, following El Salvador. However, its Sango Coin project—a proposed national digital currency—ultimately failed, and the country repealed Bitcoin’s legal tender status in 2023. With a growing number of hacked X accounts promoting fake memecoins, investors are advised to exercise caution before engaging with projects claiming state-level backing.
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