From $600M to $35M: The CAR Memecoin Saga You Won’t Believe! 😱

by

Oh, the cryptocurrency world is at it again! This time, we’re all clutching our pearls over a shiny new memecoin, courtesy of none other than Faustin-Archange Touadéra, the president of the Central African Republic (CAR). Yes, you heard that right! On February 10, he decided to sprinkle some crypto magic dust and launch a token. Because why not? 🙄

Now, let’s not pretend the CAR just woke up one day and thought, “Hey, let’s dive into the wild world of crypto!” No, no. Back in April 2022, they adopted Bitcoin (BTC) as legal tender. Then, they rolled out Sango Coin to lure in foreign investors like a kid with a candy stand. But plot twist! In March 2023, they decided Bitcoin wasn’t cool anymore and repealed its legal tender status. Classic! 🎢

So, right after Touadéra’s token launch, the project’s website went poof! And his X account? Suspended! He later claimed his team was “working with X” to fix it, but hours turned into an eternity. Meanwhile, his account was busy launching a new website and a fresh X page. Because nothing screams “trust me” like a disappearing act! 🕵️‍♀️

Read more$70 million in 24 hours: Can Ethereum crack $4,000 thanks to whales?

Despite the chaos, there’s a silver lining! The token’s distribution is actually matching its advertised tokenomics. Who knew? But hold your horses! The value of this rollercoaster ride crashed from a whopping $600 million to a mere $35 million. Talk about a dramatic fall from grace! 🎭

Second CAR memecoin video cools deepfake concerns

When Touadéra’s X account announced the launch of this “experimental” memecoin to “unite people” and “support national development,” eyebrows shot up. Why? Because it was in English! Shocking, I know! Usually, they stick to French, one of their official languages. Suspicious much? 🤔

Then came the video with a virtual background that sent red flags flying. CryptoMoon reported that Deepware, an AI deepfake detection tool, had a mini meltdown. Two models said “deepfake,” while two others were like, “Nah, we’re good.” (Disclaimer: Deepware’s tests are still in beta, so take that with a grain of salt!)

Read moreBitcoin halving could be a ‘sell-the-news’ event, at least for a few months

But wait! A second video emerged, and this time, Touadéra thanked everyone for the “successful” launch of CAR. And guess what? This one passed Deepware’s test with flying colors. Bravo! 🎉

CAR memecoin can be valuable for the country if legitimate

According to Touadéra’s X account, $50,000 from this memecoin experiment will go towards refurbishing a crumbling school campus. If they actually follow through, it could be a game-changer for a country that desperately needs it. Fingers crossed! 🤞

The Central African Republic is facing some serious economic drama, with ongoing conflict and political instability. Since 2013, it’s been a rollercoaster of civil unrest. They signed a peace deal in 2019, but the violence is still crashing the party.

Corruption is the cherry on top of this economic sundae, ranking 149th out of 180 on Transparency International’s corruption index. Meanwhile, 68% of citizens are living below the national poverty line. The average annual income? A staggering 401 euros (about $413). Yikes! 💸

Related: XRP and Solana race toward the next crypto ETF approval

Read morePEPE flips Optimism: Can OP emerge from the memecoin mania?

A big chunk of the government’s budget is believed to be funneled into security instead of development, which is like putting a Band-Aid on a sinking ship. According to the Bertelsmann Transformation Index, they’re also dealing with delayed budget support from donors after being told to be more transparent about their security spending. Good luck with that! 🙃

Fishy CAR memecoin links are phishing links

Security experts are raising alarms about the memecoin—not

Read More

2025-02-11 20:15