Central African Republic Launches Memecoin Experiment

The Central African Republic (CAR) has entered the crypto space in a bold new way, announcing the launch of $CAR, a Solana-based memecoin. The initiative is described as an experiment to assess whether a meme-driven cryptocurrency can contribute to national development.

The official X account of CAR President Faustin-Archange Touadéra confirmed the project on Sunday, stating:

“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.”

Is the Memecoin Government-Backed?

Despite the official announcement, there is still uncertainty regarding the memecoin’s legitimacy as an official government-backed initiative.

The Block has reached out to CAR officials for confirmation on whether $CAR is an officially sanctioned project or merely an independent initiative leveraging national branding.

$CAR’s Market Performance

The CAR memecoin is currently trading at around $0.45 on Solana launchpad pump.fun, with an impressive market capitalization of approximately $374.4 million as of Sunday evening (ET).

A follow-up video post allegedly featuring President Touadéra reinforced the project’s message:

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

Social Media Struggles

Despite the hype, the project’s dedicated X account was swiftly suspended, raising questions about the token’s legitimacy and compliance with platform policies.

In response, President Touadéra’s X account assured followers that the team is working with the platform to restore the account as soon as possible.

CAR’s Crypto History

The Central African Republic has made significant moves in the crypto space before.

• In 2022, it became the second country in the world to adopt Bitcoin as legal tender, following El Salvador.
• Later that year, CAR launched Sango Coin, aimed at creating a national digital economy and exploring tokenized resources like minerals.

What’s Next?

While $CAR’s long-term impact remains uncertain, the project underscores CAR’s continued push into crypto innovation.

If successful, the memecoin experiment could set a precedent for how nations leverage crypto for economic engagement. However, questions remain regarding government involvement, sustainability, and regulatory clarity.

For now, investors and crypto enthusiasts will be watching closely to see how this bold experiment unfolds.