Central African Republic President Launches Meme Coin, Sparks Market Turmoil

The $CAR token surged to a $900M market cap before crashing, raising questions about legitimacy and future plans.

President Faustin-Archange Touadéra announced the launch of $CAR, a national meme coin, as a symbol of unity and a tool for national development.
The token briefly reached a market cap of $897 million, almost a third of the nation's GDP, before crashing by 87% within hours.
Skepticism arose due to unusual timing of the announcement, discrepancies in language, and concerns over deepfake endorsements, though a video passed authenticity checks.
Only 9.3% of the token's supply was publicly distributed, with significant portions allocated for development, creators, and liquidity, raising transparency concerns.
Despite the volatility, Touadéra reaffirmed his commitment to the project, citing long-term goals and plans for development and charitable initiatives.