CAR Token Market Cap Reaches $900 Million Before Rapid Decline
The Central African Republic (CAR) has launched a government-backed memecoin, the CAR token. Key points include:
- The token's market cap reached nearly $900 million before experiencing significant volatility.
- Concerns arose over the announcement's authenticity, as it was made in English late at night, leading to suspicions of account hacking.
- Scam Sniffer reported harmful links and fraudulent information related to the project’s Telegram group.
- A video endorsement from President Faustin-Archange Touadéra initially boosted the token's value by 1,210%, but skepticism about its authenticity led to an 87% drop later.
- Following further communication from the president, the token's value increased again by 196%.
- Tokenomics indicates allocation: 35% for national development, 25% for team and contributors, and 20.7% for liquidity.
- Currently, the token has dropped over 91%, with a market cap of $65 million.
- Funds from the CAR token will be used for educational infrastructure improvements, specifically for a deteriorating school.