Michaela
Central African Republic President Faustin-Archange Touadéra has unveiled a memecoin called $CAR, but questions over its authenticity have surfaced, with skeptics and AI deepfake detectors casting doubt on the legitimacy of the announcement.
On February 9, amid the excitement surrounding Super Bowl LIX, Touadéra’s official X account announced the launch of the memecoin. Describing the token as an “experiment,” the post suggested that a simple meme could serve as a unifying force, contribute to national development, and elevate the country’s global presence in an unconventional way.
“As the second president in the world to adopt Bitcoin as legal tender, I have always recognized the potential of crypto and its benefits on a global scale,” Touadéra wrote in a separate X post.
The meme coin debuted on the Solana-based launchpad Pump.fun and has since reached a market capitalization of $313.68 million, according to CoinMarketCap data at the time of writing.
In a separate post on X, President Touadéra shared a video statement along with an official news page, intended to provide clear and efficient communication with regular updates and announcements.
CAR’s Meme Coin Launch Sparks Opportunity and Controversy
The CAR’s decision to launch an official meme coin could bring unique opportunities, from global publicity to economic growth. If the initiative proves successful, the meme coin could draw foreign investment, much like other meme coins that have fueled speculation and liquidity in the cryptocurrency market.
The token could serve as a tool for fundraising campaigns and social projects, utilizing blockchain technology to enhance transparency and public engagement.
However, at least two deepfake detection models on the free deepfake analysis tool Deepware have flagged Touadéra’s video as suspicious, with one model estimating an 82% likelihood that it was artificially generated. Unverified reports suggest that Touadéra’s announcement may be the result of a sophisticated account takeover scam.
“Not sure if account is hacked, it looks AI generated,” crypto content creator Bellalpz wrote in an X post, reflecting concerns shared by others in the crypto community regarding the authenticity of the video.
Additionally, the absence of an official press release has intensified speculation surrounding the legitimacy of the launch, further compounded by the suspension of the X account that President Touadéra had endorsed as the official page for the token.
In a subsequent post on X, Touadéra stated that he and his team are coordinating with X to restore the suspended account as soon as possible.
Prominent YouTube investigator and journalist Stephen Findeisen, known as CoffeeZilla, criticized the meme coin, calling it an “obvious copy of the $TRUMP coin” and alluding to it being a potential financial scheme.
Additionally, the newly launched $CAR meme coin and the Central African Republic’s official digital currency, Sango Coin, share the same ticker, creating confusion and adding to the mounting skepticism surrounding the coin’s legitimacy.
The CAR introduced Sango Coin in July 2022 as part of a national push to integrate blockchain technology into its economy. Sango Coin was also marketed as a gateway for investors, with promises of benefits such as e-residency, land ownership, and even citizenship in exchange for specific investment thresholds.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
