Central African Republic Launches National Meme coin Amid Skepticism
As Western nations debate establishing Bitcoin reserves, the Central African Republic (CAR) has taken an unconventional route by unveiling a national meme coin.
| Key Takeaways: – The Central African Republic introduced a Solana-based meme coin, CAR, promoted by President Touadéra, but its official social media account was suspended soon after launch. – Analysts warn that over 80% of the token supply was pre-allocated, with project controllers withdrawing over $15 million while retaining around 70% of the remaining supply. |
The announcement, made on February 9 via a video shared on X by President Faustin-Archange Touadéra, has sparked immediate controversy, with some questioning the authenticity of the video itself.
Branded as “the official meme of the Central African Republic,” the token is currently available for trading on the Solana-based launchpad Pump.fun. However, the official social media account dedicated to providing updates on the meme coin was suspended shortly after the launch. President Touadéra has since stated that efforts are being made to restore it.
Despite the government’s enthusiasm, the meme coin, known as CAR, has faced heavy criticism from the cryptocurrency community. Analysts at Skynet Insights issued a warning against investing in the project, alleging that over 80% of the total supply was pre-allocated and that controllers of the initiative had already withdrawn over $15 million while still holding around 70% of the token’s supply.
This is not the Central African Republic’s first venture into digital assets. In April 2022, President Touadéra declared Bitcoin a legal tender and simultaneously introduced a regulatory framework for cryptocurrencies. Shortly after, the nation launched Sango Coin, a digital asset aimed at attracting foreign investment by offering citizenship benefits to token holders.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
