The Central African Republic (CAR) has announced the launch of a meme coin named $CAR, described as an experiment aimed at uniting citizens and promoting national development.
The Central African Republic (CAR) has announced the launch of a meme coin named $CAR, described as an experiment aimed at uniting citizens and promoting national development. This announcement was made via the official X account of President Faustin-Archange Touadéra.
The $CAR token is being marketed as “the official meme of the Central African Republic” and is currently traded on the Solana launchpad Pump.fun for approximately $0.45. As of Sunday evening, the meme coin reportedly had a market capitalization of around $374.4 million.
In a video accompanying the announcement, Touadéra emphasized the community's strength and the potential of the meme coin to elevate the country on the global stage. However, the project has faced skepticism from members of the crypto community. Some users have warned against purchasing $CAR, labeling it a potential scam, citing concerns over the distribution of the coin's total supply.
Critics pointed out that over 80% of the total supply appears to have been bundled, with accusations that the creators have already cashed out more than $15 million while retaining about 70% of the tokens. Additionally, concerns have been raised regarding the domain registration of the meme coin's website, which was noted to have been registered through a discounted domain registrar and has since been suspended.
This is not the first time CAR has made headlines in the crypto space. In 2022, the country became the second globally to adopt Bitcoin as legal tender after El Salvador, later launching Sango Coin to develop a digital economy based on its mineral resources. However, in 2023, CAR’s parliament repealed the legislation designating Bitcoin as legal tender.
The government has yet to confirm the legitimacy of the meme coin initiative.
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