CAR MemeCoin Surges, Sparks GDP Debate; Deepfake Fears Emerge

CAR, a memecoin launched via the Solana launchpad, Pump.fun, has garnered significant attention and controversy in the crypto community. With a total supply of 1 billion tokens, the top four holders control around 76% of the supply. The token's structure mirrors that of the TRUMPcoin, a memecoin associated with US President Donald Trump.

The token's market cap peaked above $500 million within hours of its launch but has since retraced to $284 million. This performance has sparked a market-wide discussion about the token's impact, with Coinbase director Conor Grogan noting that the meme coin's market cap is already equivalent to 20% of CAR's 2023 GDP of $2.56 billion. If the token reaches $2.50, it would match the entire nation's economic output.

Despite government backing, the memecoin has faced intense scrutiny from the crypto community. Soon after its launch, the project's X account was suspended, raising concerns about transparency. President Touadéra assured supporters that efforts were underway to restore it. However, doubts escalated when the Persian-language account of crypto exchange CoinEx suggested that the promotional video featuring President Touadéra might have been generated using deepfake technology. This claim led to speculation that the project might not have official government endorsement.

Additional red flags emerged when crypto analysts discovered that the memecoin's domain was registered three days before the announcement. This detail made many question whether a sitting president would be behind such an initiative.