Central African Republic Launches $CAR Memecoin Experiment

The Central African Republic (CAR) is making headlines with its latest venture into the world of cryptocurrency. President Faustin-Archange Touadera has announced the launch of a new memecoin called $CAR. This initiative aims to explore whether the global enthusiasm for memecoins can help improve the country’s financial situation. With around 80 percent of CAR’s population living in multidimensional poverty, the government is seeking innovative solutions to uplift its economy. This move follows CAR’s decision in 2022 to adopt Bitcoin as legal tender, inspired by El Salvador’s groundbreaking approach.

Details About the Memecoin Experiment

On February 9, 2025, President Touadera took to social media platform X to unveil the $CAR memecoin. He described this initiative as an experimental project designed to unite the people of CAR and promote national development. The president emphasized the potential of a simple meme to elevate the Central African Republic’s global presence in a unique way.

In his announcement, Touadera stated, “The CAR has always believed in the power and the importance of a strong community. Based on this belief, I am proud to announce the launch of the official memecoin of the CAR.” The $CAR token is represented by the national flag of CAR and is currently priced at approximately $0.1164. In just 24 hours after its launch, the trading volume surged to around $830 million, reflecting a significant increase of 118.60 percent from the previous day.

The memecoin was launched on Pump.fun, a platform built on the Solana blockchain. While the intentions behind this cryptocurrency experiment may seem unconventional, the aftermath has already stirred controversy and raised questions about its viability.

Controversies Around $CAR Memecoin

The launch of the $CAR memecoin has not been without its challenges. Data from SolScan revealed that the top four holders of the token control a staggering 76.5 percent of the circulating supply. This concentration of ownership has raised concerns among investors and crypto enthusiasts alike. Shortly after its launch, the price of the token experienced significant fluctuations, causing alarm within the global crypto community.

One major factor contributing to this volatility was the deactivation of an official $CAR news handle on X. This account, @CarMeme_News, was intended to provide clear communication about the memecoin. However, it was blocked by X for reasons that remain unclear. President Touadera has stated that efforts are underway to restore the account.

In addition to these issues, social media users have expressed skepticism regarding the authenticity of the president’s announcement video. An AI deepfake detection platform, Deepware, assigned a 60 percent suspicion rating to the video, although it stopped short of labeling it as a deepfake. This uncertainty has led to further doubts about the legitimacy of the $CAR memecoin, leaving the community eager for clarity in the coming days.

About Memecoins

Memecoins are a unique category of cryptocurrency often inspired by internet jokes or trends. Some of the most well-known examples include Dogecoin and Shiba Inu. These tokens typically generate significant hype, attracting investors eager to capitalize on the next big asset. However, the volatility of memecoins is a well-documented concern. Many investors have fallen victim to scams, where project creators abandon their tokens in classic “rug-pull” schemes.

The recent trend of memecoins has even caught the attention of high-profile figures, including former US President Donald Trump and First Lady Melania Trump, who have launched their own tokens. As the $CAR memecoin experiment unfolds, it will be interesting to see how it navigates the challenges and opportunities that come with being part of this volatile market. The coming weeks will be crucial in determining whether this initiative can truly uplift the Central African Republic’s economy or if it will become just another footnote in the ever-evolving world of cryptocurrency.

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