KEYTAKEAWAYS
- CAR Meme surged to a $1 billion market cap but faces doubts over legitimacy and transparency.
- Concerns arise over AI-generated content and a hastily registered website, fueling skepticism.
- CAR’s crypto journey continues after Bitcoin legalization failed to boost the economy.
CONTENT
Recently, the idea of “Presidents launching their own cryptocurrencies” has become a hot topic. On February 10, Central African Republic (CAR) President Faustin-Archange Touadéra announced the launch of CAR Meme on social media platform X.
He even shared the smart contract address of the token, stating that he hopes to use meme culture to bring CAR to the global stage.
(Source:Coingecko)
This announcement quickly sparked excitement in the market. In a short time, CAR Meme’s market value soared to nearly $1 billion. The fact that a president was directly promoting a cryptocurrency created a dramatic scene, attracting worldwide attention and discussion.
CAR’S JOURNEY WITH CRYPTOCURRENCY
CAR is a small country in Central Africa with a population of about 5.5 million. Although its economy is weak, it became the second country in the world (after El Salvador) to adopt Bitcoin as legal tender in 2022.
President Touadéra has long supported cryptocurrency, believing it can help underdeveloped nations grow faster. However, due to poor infrastructure and weak policies, Bitcoin legalization did not significantly improve the country’s economy.
The launch of CAR Meme is seen as a new chapter in the country’s crypto experiment. Supporters call it an innovative move that could bring new opportunities. However, skeptics question its legitimacy, with some even suspecting that the president’s X account may have been hacked.
CONCERNS AND DOUBTS SURROUNDING CAR MEME
There are several reasons why CAR Meme has raised doubts. First, the announcement was posted at midnight and in English, not in the country’s official language, French. This raised suspicions.
Additionally, AI analysis tool Deepware found that a related video of the president had an 82% chance of being AI-generated, making people question its authenticity.
Another concern is that the CAR Meme website domain was registered only three days before the announcement through Namecheap and is now inaccessible. These details make many investors question whether CAR Meme is trustworthy.
Although blockchain data shows that the developers have taken some steps to increase transparency—such as redeploying the smart contract and burning some tokens—these actions have not fully reassured the market.
POLITICS, CRYPTO, AND THE TRUST CRISIS
CAR Meme’s sudden rise is not just about cryptocurrency; it also highlights how politics and crypto are becoming more intertwined. Previously, former U.S. President Donald Trump launched the TRUMP token, which skyrocketed by 500 times in value.
Soon after, his wife Melania Trump introduced the “First Lady” token. However, the hype was short-lived, and TRUMP token prices have now dropped 80% from their peak.
CAR hopes to use cryptocurrency to overcome economic challenges, but the country still faces many difficulties. The failure of Bitcoin as legal tender already showed the limits of its infrastructure and governance. Whether CAR Meme will succeed or face the same problems remains uncertain.
The crypto market continues to attr act investors with its stories of overnight wealth. But at the same time, issues of technology misuse and trust remain serious concerns. When it comes to government-backed crypto projects, investors need to stay cautious. In the end, the future of this trend will depend on the balance between regulation and technology.
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