CAR Token Skyrockets 1,210% After Central African Republic President’s Surprise Endorsement

The CAR token turned heads with an explosive rally following an announcement from the Central African Republic’s president. But as questions over authenticity surfaced, the token’s wild ride took a sharp turn.

Doubts Surround Presidential Announcement

A late-night post from the official X account of CAR President Faustin-Archange Touadéra triggered the frenzy. The message described the launch of a government-backed memecoin, CAR, as an “experiment.” Within hours, the token’s market cap soared from $68 million to nearly $900 million.

But skepticism quickly spread. The announcement came close to midnight, raising eyebrows about its timing. More concerning, the message was written in English, even though the country’s official languages are French and Sango. The unusual details led some to suspect that the president’s account had been hacked.

Security analysts jumped in. Scam Sniffer, a blockchain security firm, flagged a Telegram group linked to the project. According to CoinGecko, the group contained harmful links. That wasn’t all. Investigators uncovered signs that scammers were manipulating CAR token information, embedding fake Kick platform links, and even tricking users with fraudulent Cloudflare CAPTCHA verification pages.

With growing controversy, the project’s official X account was suspended.

A Video Message Sparks Another Surge—Then a Crash

Just when it seemed the CAR token hype was over, a new twist emerged. A video of President Touadéra surfaced. In the clip, he spoke in French, reinforcing his support for the token.

“The Central African Republic has always believed in the power and the importance of community,” he said. “Based on this belief, and as a symbol of unity, I am proud to announce the launch of the official meme coin of the Central African Republic.”

That was all it took to send CAR skyrocketing again. Within two and a half hours, the token surged 1,210%, reaching a staggering $897 million market cap.

But the excitement didn’t last long. Critics claimed the video was a deepfake. Others pointed out that the project’s website had mysteriously gone offline. That triggered a brutal selloff. The token plummeted 87% within 11 hours, crashing to a $125 million market cap.

A Rebound—But Is It Enough?

The drama wasn’t over. Another post from the president’s account reignited interest. This time, CAR rebounded 196% in just 30 minutes, climbing back to a $375 million valuation.

Soon after, the X account was restored, and a new project website went live. Security checks on the latest footage suggested it was genuine, calming some fears.

Tokenomics Breakdown and Government’s Funding Plans

The CAR token’s official tokenomics breakdown outlines how funds are distributed:

One of the most attention-grabbing promises was that part of the token’s proceeds would go toward rebuilding a school. President Touadéra stated that $50,000 would be allocated for restoration efforts.

Despite the ambitious plans, market confidence has wavered. Since its peak, CAR has nosedived more than 91%, with its market cap now hovering at $65 million.

What happens next? That’s the question on every trader’s mind.