The price of the Central African Republic’s “official meme coin,” CAR, plummeted by 96% from a peak of $0.89 within a day following its controversial launch.
At the time of writing, the token is trading at $0.031. Its capitalization has dropped from $893.4 million to $31 million.
In a promotional video published on the X account of President Faustin-Archange Touadéra for the launch of CAR, the meme coin is described as an “experiment” that will aid the country’s development and allow the Central African Republic to make its mark on the international stage.
Community members suspected the project of being fraudulent, suggesting that malicious actors hacked the head of state’s account. Several AI detectors flagged the video as potentially fake.
Back in February, Binance experts explained the factors behind the hype surrounding meme coins and AI agents.