Central African Republic's Memecoin CAR reaches nearly $1 billion in capitalization

X official of the Central African Republic announces the launch of the MEMEcoin CAR

At dawn on February 10, 2025, the official X of the Central African Republic (CAR) launched the MEMEcoin CAR, an experimental project that aims to demonstrate that a meme can engage communities, support national development and put the country on the world map in a special way.

This message was posted by President Faustin-Archange Touadéra's X account with the token's contract address.

Accordingly, the MEMEcoin CAR is allocated according to tokenomics as follows:

• Country Development: 35%
• Creators & Company: 25%
• Liquidity: 20.7%
• Charities: 10%
• Public Distribution: 9.3%

Soon after its launch, CAR quickly attracted huge attention from the crypto community, especially on the Solana ecosystem, where the token was deployed.

Within the first few hours of trading, CAR's price skyrocketed, bringing its market capitalization to the ATH of $1 billion, making it one of the fastest exploding memoins on Solana. Previously, the MEMECOIN TRUMP had achieved a similar rapid growth rate.

While the community is still pouring attention on the launch of the MEMEcoin CAR, one trader has taken advantage of the opportunity to make a huge profit. According to data from Lookonchain, this trader made the trade just one second after President Touadéra announced the CAR contract on X.

Specifically, he used 25 SOL ($5,000) to buy 46.57 million CAR as soon as the token was deployed. Then, in less than 3 hours, he sold 22.65 million CAR for 8,395 SOL ($1.67 million), while retaining 23.92 million CAR, or $10.5 million at the time.

In total, the trader made more than $12 million in profits, reaching a 2,450-fold (245,000%) growth in just a few hours after CAR launched. This is one of the transactions The strongest intereston Solana in recent times, showing the tremendous attraction of the memencoins deployed on this blockchain.

Skepticism around the MEMECOIN CAR

Not only did the tweet about the memecoin smart contract, another social media post contained a video announcing the launch of CAR, which appeared to feature the arrival of President Touadéra.

In the video, he affirmed that the Central African Republic has always believed in the power and importance of a strong community.

Some users on X have used the Deepware analysis software and they claim to have detected some suspicious signs in this video.

Deepware's deepfake checker gives an 82% probability that the video may have been faked. However, another tool from Deepware itself cannot make a firm conclusion about whether this is deepfake or not. Besides, the Avatrify platform, which specializes in deepfake detection, is also unable to determine whether videos on the web have been edited or not.

At the same time shortly after its launch, the official X account of this memenoin project was suspended by the social network platform. President Touadéra later said the team was working with the platform to restore the account as soon as possible.

Shortly after the Central African Republic's X account announced the MEMECOIN CAR, the crypto community raised many questions about the transparency of this project. Yokai Ryujin, a blockchain analyst, has detected a range of unusual signs, ranging from the fact that the domain has only just been registered to the possibility of manipulating the token supply.

One of the most suspicious points is that the project's domain was only registered on Namecheap three days before CAR launched. This is not the same as how a mainstream country implements a nation-level blockchain project.

Ryujin said this could be a ploy to build trust in the community, while in reality the project may have nothing to do with the Central African Republic government.

Not only was the domain suspicious, CAR's vesting contract was also found to be problematic. Although the team claims to have locked the entire supply through Streamflow, in fact, the vesting agreement allows them to cancel, withdraw, or discharge tokens at any time.

This caused the capitalization to drop sharply below $400 million around 10:00 a.m. on February 10, but the developers of the memenoin unlocked the token and locked it completely to prevent FUD. The token then also returned to the $600 million capitalization level.

Moreover, the timing of the token rollout is also unusual as CAR is launched at 1am Central African Republic time, a time frame that is confusing if this is indeed a government project.

The situation becomes even more complicated when the project domain is suspended by Namecheap, but then suddenly reactivated shortly.

However, Namecheap later confirmed that the domain would continue to be suspended, leading many to believe that there was a cloud behind the operation of the project.

The Central African Republic is no stranger to crypto. In 2022, the country became the second country in the world (after El Salvador) to recognize Bitcoin as legal currency. However, in 2023, the country's parliament rescinded the law recognizing Bitcoin, leaving its crypto policy in a state of limbo.

Earlier, under President Touadéra, the country's government also launched Sango Coin, a national cryptocurrency with the ambition of creating a digital economy based on the tokenization of mineral resources. However, this project did not achieve the expected success.

With CAR's rapid growth momentum, and the token receiving direct backing from the Central African Republic government, investors are closely watching the future development of the memento coin to see if it can maintain traction.