President Faustine—Archange Touadera of the Central African Republic announced the Launch of an official $CAR memecoin inspired by the Central African Country.
President Touadera announced the memecoin on his official X page, quelling rumors and FUD around the memecoin that surged to over $300 million market cap within the first four hours of Launch.
At the time of the report, The $CAR memecoin is exchanging hands for $0.246, dropping by 68.3% in the last 24 hours.
The memecoin Launch by the Central African Republic President is unsurprising given the strong Pro-Crypto stance adopted by the Touadera Administration long ago.
A casual review of the timeline of the President’s page on X reveals various Pro-crypto posts highlighting the benefits of digital assets, with Bitcoin making the most appearance.
The Central African Republic (CAR) legalized cryptocurrency on April 27, 2022, becoming the first African nation and the second country in the world after El Salvador to adopt Bitcoin as legal tender.
The law legalized Bitcoin for transactions alongside the CFA franc and aimed to attract investment and financial inclusion. However, in 2023, CAR scaled back its Bitcoin adoption plans, focusing instead on Sango Coin, a national digital currency initiative.
Deepfake Concerns Trail Memecoin Launch
Video footage showing the announcement of the $CAR memecoin by the country’s President has been flagged as a possible deepfake video by two deepfake detection tools.
AI deepfake detection tools flagged the video shared on the official X page of the President as potentially inauthentic.
The Seferbekov model on the Deepware platform indicated an 82% probability that the video is synthetic, while the Ensemble model showed a 60% likelihood of fabrication.
The detection tools cast a shadow of doubt on the $CAR memecoin project despite the announcement coming from the President’s official X account.
At the time of the report, the memecoin was purchased 236,816 times, with a market capitalization of $252 million.
The $CAR memecoin is the first memecoin project launched by a country in crypto history. The memecoin launch follows the Launch of the official Trump last month, highlighting the growing participation of world leaders in cryptocurrency.
