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Crypto Reporter
Shalini Nagarajan
Crypto Reporter
Shalini Nagarajan
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The President of the Central African Republic’s official X account announced Monday that the country has launched a meme coin experiment to explore its potential impact on national development.
President Faustin-Archange Touadera also said that the government launched a news page for the CAR meme coin. The page is meant to provide daily updates and announcements.
But shortly after, X disabled the handle, raising concerns. In response, the President said his team is working to restore access as soon as possible.
The CAR meme coin, labeled “the official meme of the Central African Republic,” last traded around $0.36 on the Solana launchpad pump.fun. As of Monday at 12:30 am ET, its market capitalization had surged to about $390m.
President Claims CAR Meme Coin Token Supply is Locked
Touadera added that the token supply has been securely locked using @streamflow_fi. The process follows the distribution plan, emission groups and release schedule listed on the Car.Meme website.
Many blockchain projects use Streamflow_Fi for team vesting, investor allocations, airdrops and community rewards. The platform automates distributions and reduces the risks associated with manual token handling.
Namecheap Blocks CAR Meme Coin Site, Raising Further Red Flags
Meanwhile, internet registration firm Namecheap announced on X that it had suspended the car.meme domain, flagging it as an “abusive service.” This action suggests the domain was linked to some form of misuse, likely tied to the scam allegations surrounding the CAR meme coin.
The red flags became prominent when Unrevealed XYZ founder, Yokai Ryujin, alerted Namecheap about the domain. He questioned its legitimacy and raised concerns.
Ryujin noted that the website’s design and execution did not match what one would expect from a nation’s president.
He pointed out that launching the coin at 1 AM Central African Time seemed suspicious.
Although the President claimed to lock the token supply through Streamflow, he still had control. He could cancel, withdraw or dump tokens at any time.
CAR Meme Coin Developers Allegedly Manipulated Token Locks, Raising Rug Pull Fears
Ryujin claimed that developers canceled their fake Streamflow contracts after his tweet. They then moved the tokens back to their wallets and created new contracts.
While they eventually locked the supply, he claimed they didn’t secure the promised amount, keeping around $17m worth of tokens—far exceeding the $3m in liquidity, potentially setting up a rug pull. He warned the community to stay alert and avoid falling for deceptive tactics while his team continued to monitor the situation.
Despite these concerns, the President’s posts remained visible on X, leaving the crypto community uncertain about whether the project is a legitimate government initiative or a scam.
