CAR Memecoin Launch Faces Volatility and Scrutiny

The Central African Republic (CAR) launched a memecoin, $CAR, with the aim of boosting national development and gaining global recognition. Announced by President Faustin-Archange Touadéra, the coin experienced a volatile debut, with its value dropping by up to 90% shortly after reaching significant peaks. Concerns over legitimacy arose, with AI tools suggesting deepfake manipulation of promotional content and phishing scams linked to associated platforms. The token's rapid rise to nearly a $1 billion market cap raised questions about its economic impact, given the CAR's GDP. Despite these challenges, the launch underscores CAR's ongoing efforts to integrate cryptocurrency into its national strategy, building on previous moves like adopting Bitcoin as legal tender.