The Central African Republic (CAR) has officially launched a meme coin, a move President Faustin-Archange Touadera described as an effort to raise the international profile of one of the world’s poorest nations, Reuters reported.
President Touadera announced the initiative on X (formerly Twitter) late Sunday. This development comes nearly three years after CAR made headlines as the first African country and the second in the world after El Salvador to adopt Bitcoin as legal tender.
What is a Meme Coin?
Meme coins are cryptocurrency tokens often inspired by internet trends or memes. They are typically known for their high volatility and limited practical applications. Despite these characteristics, meme coins have gained significant popularity in the crypto market.
Describing the launch as “an experiment,” Touadera said the $CAR token aims to showcase 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.”
The $CAR token traded at $0.22 on Monday morning, according to data from cryptocurrency price tracker CoinGecko.
A dedicated account created to share updates and announcements about the $CAR token was suspended by X as of Monday morning. President Touadera assured the public that efforts were underway to restore the account as quickly as possible.
The launch of $CAR follows a growing trend of political figures venturing into meme coin territory. Last month, former U.S. President Donald Trump introduced a meme coin called $Trump, which initially surged to a market value of over $14.5 billion before experiencing a significant slump.
The introduction of the $CAR token underscores CAR’s ambition to leverage innovative digital technologies for economic development and global recognition. Whether this bold move will pay off remains to be seen, but it signals a creative approach to addressing the nation’s challenges.
