The Central African Republic (CAR) has unveiled its own meme coin, $CAR, with the ambitious goal of boosting its global presence.
President Faustin-Archange Touadéra announced the launch on X, stating that the coin aims to unite people, support national development, and put CAR on the world stage.
Despite having abundant gold and diamond reserves, CAR remains one of the poorest countries globally, struggling with economic instability and rebel violence.
This move marks the country’s second foray into cryptocurrency, following its adoption of Bitcoin as legal tender in 2022.
However, the initial reception of $CAR has been underwhelming, with its price plummeting 64% in the last 24 hours, from $0.22 to $0.1353, according to CoinGecko.
Trading volume has surged by 105% to $780 million, indicating significant interest, but technical indicators suggest the coin is struggling to maintain key support levels.
The launch has also been marred by controversy, with AI deepfake detectors flagging the President’s announcement video as suspicious, and the official X account for the coin being suspended.
Experts warn that investing in meme coins like $CAR is akin to gambling, with Nigel Green, CEO of deVere Group, cautioning that many investors will likely suffer losses.
As African countries like Tanzania and CAR jump on the meme coin bandwagon, it remains to be seen whether $CAR will genuinely benefit CAR’s economy or succumb to the typical meme coin frenzy.
