CAR Memecoin Collapses Amid Legitimacy Concerns

CAR Memecoin Collapses $0.029 in Under 24 Hours

Following U.S. President Donald Trump’s tariff statements last week, the meme coin industry has been especially severely hit. In a matter of days, GMCI Meme, an index of the top meme coins by market capitalization, fell over 40% before marginally rising.

In this regard, as a result of uncertainty surrounding its legitimacy, the Central African Republic’s memecoin, CAR, fell 96.7% in less than a day from its Monday top. After its late Sunday launch, memecoin reached its highest price of $0.89 in the wee hours of Monday, which is equal to a market valuation of over $894 million. However, after generating $143.4 million in 24-hour trading activity, CAR has since fallen to a low of $0.029 as of early Tuesday, with a market cap of roughly $29 million, according to data from DEX Screener.

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. As the second president in the world to adopt bitcoin as legal tender, I have always recognized the potential of crypto and its benefits on a global scale.

President Faustin-Archange Touadéra

Skepticism Grows Over CAR Token as Official X Account Gets Suspended

However, given the number of well-known X accounts that have been compromised in recent weeks to promote phony tokens, such as the official X account of Nasdaq and that of former Malaysian Prime Minister Mahathir Mohamad, the launch of the CAR token was greeted with skepticism and warnings of a possible scam. Confidence in the memecoin was also harmed by the low caliber of President Touadéra’s first greenscreen video introducing it and the introduction of an official X account for it that was later suspended.

By the project’s tokenomics, the President stated that his administration was collaborating with X to restore the memecoin‘s account and that the token supply had been securely locked via the token management infrastructure platform Streamflow. Later, a second X account was created for the memecoin.

Central African Republic meme is not intended to function as an investment, security, or financial instrument of any kind. It is designed solely for fun, community engagement, and as a symbol of unity of the community. $CAR has no intrinsic value and should not be viewed as a financial asset.

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