The Central African Republic (CAR) has introduced a meme coin, a move President Faustin-Archange Touadéra says will help boost the country’s global profile.
- The Central African Republic (CAR) has introduced a meme coin to boost its global profile.
- CAR made history as the first African nation to adopt Bitcoin as legal tender three years ago.
- Meme coins, inspired by internet memes, are known for their volatility and limited real-world utility.
The Central African Republic (CAR) has introduced a meme coin, a move President Faustin-Archange Touadéra says will help boost the country’s global profile.
Despite its vast gold and diamond reserves, the Central African Republic (CAR) remains one of the world’s poorest and most underdeveloped nations, plagued by years of rebel conflict.
“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,” CAR President Faustin-Archange Touadéra said.
This move comes almost three years after CAR made history as the first African nation (and the second in the world after El Salvador) to adopt Bitcoin as legal tender.
What are meme coins?
Meme coins are crypto tokens inspired by internet memes or trends. While they often gain popularity quickly, they tend to be highly volatile and have limited real-world utility.
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U.S. President Donald Trump recently launched a meme coin called $TRUMP, which surged to a peak market value of over $14.5 billion before experiencing a decline
Similarly, Dogecoin (DOGE), a cryptocurrency often associated with Elon Musk, has had a rollercoaster year. Musk’s comments and actions have historically influenced Dogecoin’s price, and in 2024, the coin hit a three-year high before experiencing volatility.
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At least two deepfake AI detectors have flagged the Central African Republic President’s video announcing their newly launched memecoin as suspicious, as the token reached a $530 million market capitalization on Feb. 9, according to Coin Telegraph.
Meanwhile, the $CAR token was trading at $0.22 on Monday morning, according to data from cryptocurrency price tracker CoinGecko. President Faustin-Archange Touadéra assured that the government is working to restore access to official channels as soon as possible.
