CAR President Launches Memecoin
Date: 2025-02-10 Author: Henry Casey Categories: IN WORLD
The President of the Central African Republic (CAR) Faustin-Archange Touadera announced on the social network X the release of the Central African Republic Meme (CAR) memcoin. The token, created on the Solana blockchain, was launched on February 9 with a total emission volume of 1 billion coins.
“We see this project as an experiment that can demonstrate how memes can unite people and support the development of the country, helping to bring the CAR to the world stage in a completely new way,” the president wrote.
The publication also indicated the address of the CAR contract. However, the official website of the car.meme project, to which he referred, remained unavailable at the time of publication.
Touadera emphasized his commitment to cryptocurrency innovation, recalling that he was the second president in the world after El Salvador's Nayib Bukele to legalize bitcoin as a means of payment. At the same time, the Central African franc (CFA), which was introduced by the French authorities in 1945 and remains the official currency of six states in the region, pegged to the euro, is still used in the CAR.
The launch of the memcoin caused a stir in the market: just three hours after its release, its capitalization soared to almost $900 million, and the price reached a maximum of $0.89. However, just as quickly, the value of CAR fell by more than 70%. As of 11:00, the token was valued at $0.25, and its market capitalization was about $250 million.
CAR trading takes place on decentralized platforms of the Solana network, including Meteora and Raydium, as well as on centralized crypto exchanges MEXC and BitMart. According to the solscan.io observer, the trading volume since the coin's release has exceeded $609 million, and the number of unique holders has reached 35 thousand. At the same time, the ten largest holders control 82.79% of the total CAR volume.
The launch of the cryptocurrency also attracted scammers: fake messages about the alleged release of a similar memcoin by the government of the Maldives began to spread on the X social network. The information appeared on a page faked under the account of the president of the island state, although in fact the Maldives had nothing to do with it.
