The launch of the Central African Republic's (CAR) meme coin has sparked both excitement and skepticism. Announced on February 10 by President Faustin-Archange Touadéra, the project was initially hailed as an innovative experiment to promote national unity and development. However, concerns quickly arose following allegations of deepfake videos, website suspensions, and irregular domain registrations. The CAR token experienced a volatile market debut, with its value surging to $527 million before dropping to $460 million. As scrutiny intensifies, questions remain about whether this is a legitimate government-backed initiative or another fraudulent scheme in the crypto world.

The CAR meme coin project was introduced through President Touadéra’s official X account, positioning it as an experiment to showcase how memes can unite people and boost national development. This move aligns with the country’s previous pro-crypto stance, notably being the second nation to adopt Bitcoin as legal tender. Launched on the Solana-based platform Pump.fun, the memecoin saw an immediate surge in interest, attracting traders eager to participate in what appeared to be the first-ever national meme coin.

However, doubts began to surface almost immediately. AI detection tools flagged the president’s announcement video as potentially AI-generated, raising suspicions about the authenticity of the message. One model found an 82% probability that the video was manipulated, while others also raised red flags. Adding to the controversy, the official X account for the CAR meme coin was suspended without explanation, only hours after its creation. President Touadéra’s team acknowledged the suspension and stated they were working to restore it.

Further scrutiny revealed irregularities in the domain registration for the CAR meme coin. Yokai Ryujin, founder of UnrevealedXYZ, pointed out that the car.meme domain was registered just three days before the announcement on Namecheap, a budget-friendly domain provider. This timing seemed unusual for a government-backed project. Subsequently, Namecheap suspended the website, citing it as an “abusive service.” These developments fueled concerns within the crypto community, leading many to question the legitimacy of the CAR meme coin.

Despite these controversies, the CAR token experienced a dramatic market debut, briefly reaching a valuation of $527 million. However, as of February 10, its value had dropped to $460 million. The timing of these events is particularly significant given recent instances of fraudulent meme coin launches. Just days earlier, scammers hijacked the X accounts of high-profile figures to promote fraudulent memecoins. The similarities in tactics—unexpected endorsements, rapid website takedowns, and social media suspensions—have led many to believe that the CAR meme coin might be part of a larger deception. While investigations are ongoing, the true nature of this project remains uncertain.