Memecoin Launch in Central African Republic

The official X account of the President of the Central African Republic announced the launch of a memecoin, $CAR, aimed at fostering national development.

> “Today, we are launching $CAR — an experiment designed to show how something as simple as a meme can unite people, support national development, and put the Central African Republic on the world stage in a unique way,” stated the CAR President Faustin-Archange Touadéra’s X account on Sunday.

The Block has requested confirmation from the Central African Republic government regarding the legitimacy of the memecoin initiative.

Details of the Memecoin

The CAR memecoin, marketed as “the official meme of the Central African Republic,” is traded on the Solana launchpad pump.fun at about $0.45. As of 8:10 p.m. ET on Sunday, it holds a market capitalization of approximately $374.4 million.

A follow-up social media post featured a video announcement seemingly presented by President Touadéra.

> “The Central African Republic has always believed in the power and the importance of a strong community,” the video said.

Despite generating excitement, the memecoin’s dedicated social media account was suspended; however, President Touadéra’s account mentioned ongoing efforts to reinstate it.

Community Skepticism

Within hours of the announcement, members of the crypto community expressed skepticism. One user warned, “Do not buy $CAR, it’s a scam,” noting that over 80% of the total supply was bundled and claiming the developers cashed out $15M+

Founder of Unrevealed XYZ, Yokai Ryujin, raised concerns about the project due to its domain registration through Namecheap, which has since suspended the memecoin website.

The Central African Republic previously made headlines in 2022 for accepting bitcoin as legal tender, becoming the second country to do so after El Salvador. Later, it launched Sango Coin to create a digital economy based on tokenized minerals.

However, in 2023, the country’s parliament reversed the legislation recognizing bitcoin as legal tender.

Update: This article has been revised to include warnings from crypto community members regarding the memecoin project.