Central African Republic Meme Coin: Big Promises, Bigger Doubts

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Olga Primakova

Features writer

Olga Primakova

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Olga started writing about cryptocurrency and finance in 2021.

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Elena Bozhkova

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Elena Bozhkova

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Elena is the Features Lead at Cryptonews.com. With a Master's degree in science journalism from City University, London, she is passionate about exploring complex topics in the world of technology.

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Last updated:

February 14, 2025 08:17 EST

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Key Takeaways:

• Launched on Feb. 9, CAR briefly hit a $600M market cap but lost 97% of its value within days.
• A suspicious video announcement, a suspended X account, and a briefly inaccessible website fueled speculation about the project’s legitimacy.
• The project’s poor execution and missing details highlight the challenges of legitimizing ‘state’ meme coins.

The Central African Republic Meme (CAR) coin has lost nearly 100% of its value since its launch. What went wrong?

CAR debuted on Feb. 9 on the Solana (SOL) blockchain via Pump.fun, briefly sparking interest—not for its success, but for the opposite reason.

The hype surged after Central African Republic President Faustin-Archange Touadéra posted a video on his X account announcing the launch. Initially, CAR’s price skyrocketed, with its market cap reaching nearly $600 million within hours.

On Feb. 10, CAR hit an all-time high (ATH) of $0.77, but as of Feb. 14, the price has plunged by 97%. The project was expected to support the Central African Republic’s economy and draw attention to the region, but reality turned out differently.

‘Account Suspended’

Meme coins often attract traders chasing quick profits despite their typically short lifespans. CAR’s cycle lasted less than a week, with its decline starting almost immediately after launch.

Suspicions within the crypto community grew after Central African Republic President Faustin-Archange Touadéraposted a video about CAR. Many speculated that it was either a deepfake or that his account had been hacked.

The video itself raised concerns—the image looked unnatural as if the president had been pasted onto the background.

X users also questioned the timing of the post, which was published late at night. Some joked that the Central African Republic’s president seemed to be operating on U.S. time.

More red flags followed. The official CAR account on X was suspended and remained inaccessible as of Feb. 14.

Additionally, the CAR website link was briefly unavailable—raising further doubts, given the project’s claim of being a ‘state’ meme coin. However, the site is now accessible again.

Meanwhile, CAR’s price has been falling since Feb. 10.

In an effort to counter speculation, President Touadéra’s press secretary, Albert Yaloké Mokpeme, addressed the controversy in an interview with French media outlet TF1info. He denied any hack and insisted the video was authentic.

To address deepfake concerns, Mokpeme explained that the video was originally recorded in French with a green screen and later translated into English by “a compatriot living in Paris” (translated from French).

He also justified the late-night timing, claiming it was meant to align with Asian markets.

The statements, however, did little to stop the meme coin’s continued decline.

A Cautionary Tale for ‘State’ Meme Coins?

Despite efforts from the Central African Republic’s presidential administration to clarify the situation, details surrounding CAR’s launch remain unclear.

Press secretary Albert Yaloké Mokpeme addressed some concerns, but many questions remain.

First, major crypto exchanges have not listed CAR, raising doubts about its status as a ‘state’ meme coin.

According to CoinGecko, the centralized exchange (CEX) LBank holds the largest share of trading volume at nearly $11 million (61.85%). This is concerning, as LBank is not a widely used platform. In contrast, MEXC, a more well-known exchange, reports just $901,419 (5.08%) in volume.

Meanwhile, Raydium, a decentralized exchange (DEX), ranks second with $3.6 million (20.45%) in trading volume.

Second, the official CAR website states that the largest token allocation—approximately 350 million CAR (35%)—was designated for “Country Development.”

This raises concerns about decentralization. The name suggests ties to the Central African Republic’s government, but no further details have been disclosed.

Despite CAR’s failed launch, similar projects may follow. The President of Seychelles has announced plans for a national coin, though the launch has been delayed as of Feb. 14.

The CAR case highlights the risks of hype-driven investments in the crypto market. A similar situation unfolded with Swarms (SWARMS)—a project with little substance and questionable developer credibility. Despite its flaws, the token briefly surged due to AI agent hype before collapsing.

While projects like CAR can attract investment and create economic opportunities in developing countries, these regions often lack strict crypto regulations. However, a transparent launch process is crucial for maintaining credibility—something CAR failed to achieve.