African Country Joins the Meme Coin Craze: Emerges, Price Surges 1,000 Times! - Coin Bulletin

According to an announcement from the official X account of the Central African Republic, the country has launched a memecoin called CAR, but there are doubts about the accuracy of the project.

In a post made from the official account of Central African Republic President Faustin-Archange Touadéra, it was stated that CAR is an experiment that can support national development and bring people together. The official announcement stated that the project aims to uniquely promote the country on a global scale.

Memecoin is being approached with skepticism

It was reported that Memecoin's Solana-based launchpad platform on pump.fun traded at around $0.45 level and had a total market value of $374.4 million. Following the announcement, a video introducing the project was released, featuring President Touadéra. However, shortly after, the X account opened for memecoin was suspended by the platform. President Touadéra's account announced that the team is working to regain control of the X account.

However, some figures from the cryptocurrency community claimed that the project could be fraudulent. A user named Skynet Insights stated that more than 80% of the token supply was collected in specific addresses and claimed that the project has already earned more than 15 million dollars in profit. Yokai Ryujin, the founder of Unrevealed XYZ, expressed doubts about the project by pointing out that the memecoin's website was registered through Namecheap, a low-cost domain provider, and launched at 1 am local time. Shortly after, Namecheap suspended the domain name of the meme coin's website.

The Central African Republic became the second country to accept Bitcoin as a legal payment method after El Salvador in 2022, but revoked this decision in 2023. At the same time, a national cryptocurrency project called Sango Coin was launched but did not achieve the expected success.

According to DexScreener data, it seems that the coin has experienced a 1 million percent increase in the last 24 hours. CAR had surpassed 800 million dollars from a market value of 80 thousand dollars, but later retreated to a market value of 273 million dollars.