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The Central African Republic just launched its own memecoin in an apparent effort to raise capital.
According to a recent Reuters report Central African Republic President Faustin-Archange Touadera said that the measure aims to raise the country’s profile. The Memecoin launch was announced this weekend, and it follows the country adopting Bitcoin (BTC) as its legal tender three years ago — the second country ever to do so. Touadera wrote in a recent X post:
“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.”
The world’s first country to adopt Bitcoin as its legal tender is El Salvador, and the nation has been under pressure by the International Monetary Fund (IMF) ever since. Recently, El Salvador agreed to limit its exposure to the world’s first cryptocurrency in exchange for a $1.4 billion loan from the IMF but then kept buying more Bitcoin for its reserves.
The details
The Central African Republic (C.A.R.) is one of the world’s poorest countries, with about 79% of its population living below the international poverty line of $2.15 per day
At the time of writing Central African Republic Meme (CAR) trades 91.3% lower than it was trading 24 hours ago. Currently CAR changes hands at $0.06718 after reporting an all-time high of $0.7927 reported earlier today.
The announcement follows United States President Donald Trump recently launching his Trump Official (TRUMP) memecoin — triggering hundreds of copycat tokens. Despite the initial success, TRUMP is has recently lost about 75% of its value compared to peak prices.
Still, the initiative has seemingly worked out for Trump himself. According to recent reports, the memecoin raked in at least $11.4 million in fees for organizations connected to the president.
Furthermore, blockchain analysts have also noticed suspicious trading activity surrounding Trump’s memecoin. Onchain analytics firm Bubblemaps investigated a crypto wallet funded with $1 million four hours before the TRUMP memecoin launched, pointing to possible insider trading.
