Market Capitalisation of CAR’s ‘Official Meme Coin’ Peaks at $1.05 Billion

On February 9, a video appeared on the X account of the Central African Republic (CAR) President Faustin-Archange Touadéra, announcing the launch of the state-backed meme token CAR. The authenticity of the video was questioned by the public, with at least two AI-based fake detectors marking it as “suspicious.” 

Today, we are launching $CAR — an experiment designed to show how something as simple as a meme can unite people, support national development, and put the Central African Republic on the world stage in a unique way.

Contract: 7oBYdEhV4GkXC19ZfgAvXpJWp2Rn9pm1Bx2cVNxFpump

— Faustin-Archange Touadéra (@FA_Touadera) February 9, 2025

Specifically, the Ensemble model assessed the likelihood of it being fake at 60%, while Seferbekov rated it at 82%. Deepware and Avatarify did not identify the publication as a deepfake.

Community doubts were further fueled by the fact that shortly after the tweet’s publication, the token’s market capitalisation reached $1.05 billion, according to GeckoTerminal.

The video describes CAR as an “experiment” aimed at aiding national development and bringing the country onto the international stage. The official token website (unavailable at the time of writing) contained tokenomics with a total supply structure of 1 billion.

According to DEX Screener, the four largest holders possess 33.31%, 24.99%, 9.81%, and 8.39% of the total coin issuance. The 20% designated for liquidity provision has yet to be added to the pool.

At the time of writing, the total number of meme coin holders reached 31,870. CAR’s liquidity stands at $2.2 million, with an FDV of $134.01 million and a similar capitalisation.

The community has not ruled out the possibility that the token launch could be the result of a hack of Touadéra’s profile.  

The X account dedicated to the meme coin, Carmeme_news, has been blocked by the social network’s administration. However, according to a tweet on the president’s page, the authorities are “working on its restoration.”

We are working with @X to get @CARMeme_News back as soon as possible.

Meanwhile, the token supply has been securely locked through @streamflow_fi, according to the distribution plan, emission groups, and release schedule detailed on our website.

— Faustin-Archange Touadéra (@FA_Touadera) February 9, 2025

In April 2022, CAR recognised the first cryptocurrency as a means of payment alongside the local franc. However, a year later, the corresponding law was repealed due to a strong reaction from other Central African countries.

Later that year, the authorities launched the national digital currency Sango Coin.

In January 2023, the CAR president announced the development of a legal framework for the legalisation of digital assets to accelerate national economic development.