The Central African Republic (CAR) has ventured into the cryptocurrency landscape by launching its own meme coin, dubbed $CAR. President Faustin-Archange Touadéra announced this initiative, describing it as an experiment to demonstrate how a simple meme can unite people, support national development, and elevate the country’s global presence.
This move comes nearly three years after CAR became the first African nation, and the second globally after El Salvador, to adopt Bitcoin as legal tender. Despite its rich reserves of gold and diamonds, the nation remains deeply impoverished and has faced ongoing rebel violence for years.
Meme coins are cryptocurrencies inspired by internet memes or trends. They are typically characterized by high volatility and limited practical use. A recent example includes the $Trump meme coin, launched by former U.S. President Donald Trump, which experienced a rapid surge to a market value exceeding $14.5 billion before a significant decline.
As of February 10, 2025, the $CAR token was trading at approximately $0.22. However, the project’s official communication channels have faced challenges; a dedicated account for updates on $CAR was suspended on X (formerly Twitter), and efforts are underway to restore it.
The launch of $CAR has sparked discussions about its authenticity and potential impact. Some analysts have raised concerns regarding the project’s legitimacy, citing issues such as concentrated ownership and suspicious launch details.
This initiative reflects CAR’s ongoing efforts to integrate into the global digital economy and explore innovative solutions to its developmental challenges. The success and sustainability of the $CAR meme coin remain to be seen, as the nation navigates the complexities of the cryptocurrency market.
