The leader of one of Africa’s poorest nations has mimicked Donald Trump with the launch of a so-called memecoin, only to see its value immediately crash over concerns the project was an elaborate fake.

Central African Republic has launched a meme coin in what President Faustin-Archange Touadera said was a bid to raise the profile of one of the world's poorest countries.

CAR President Faustin-Archange Touadéra's X account posted about the launch of the country's $CAR meme coin, but even with a $500 million market cap, there were "red flags" raised about the token's launch.

The Central African Republic’s (CAR) unexpected launch of a government-branded meme coin has sparked intense scrutiny, with deepfake allegations and a sudden website takedown fuelling doubts over the legitimacy of the project.

The Central African Republic's $CAR memecoin has risen to a $530M market cap, but deepfake issues and insider cashouts raise doubts.