The price of the “official memecoin” of the Central African Republic (CAR) dropped by 96% from its peak of $0.89 within 24 hours of its controversial launch.

At the time of writing, the token is trading at $0.031. Its market capitalization has fallen from $893.4 million to $31 million.

In a promo video posted on President Faustin-Archange Touadéra’s X account, CAR was described as an “experiment” aimed at fostering the country’s development and boosting its international presence.

Community members have suspected the project to be fraudulent, speculating that hackers might have taken over the president’s account. Several AI detectors flagged the video as potentially fake.

As a reminder, in February, Binance analysts explained the factors driving the hype around memecoins and AI agents.