Quick Facts:
- The CAR President announced the Launch of an experimental Memecoin on his official X account.
- CAR’s memecoin initiative follows its previous failed crypto projects, including Bitcoin legal tender and Sango Coin.
- The project is described as an “experiment” rather than a full-fledged adoption strategy.
- Crypto analysts remain skeptical, citing lack of clarity, infrastructure, and potential liquidity issues.
The Central African Republic (CAR) has launched a state-backed memecoin, according to a statement posted on President Faustin-Archange Touadéra’s official X account. The move, described as an experiment, marks yet another bold attempt by the country to integrate digital assets into its economy following its failed Bitcoin adoption initiative in 2022.
CAR made headlines in 2022 as the second country after El Salvador to declare Bitcoin legal tender, but the initiative quickly collapsed amid regulatory confusion and a lack of infrastructure. The government had also proposed Sango Coin, a national crypto project aimed at attracting foreign investment, but the project failed to gain traction and was quietly abandoned.
Now, the government appears to be pivoting to a new strategy with the launch of its own memecoin. While full details remain unclear, the initiative seems to be modeled after the recent success of nation-affiliated tokens like Trump’s memecoin (TRUMP) in the U.S.
“As the second president in the world to adopt Bitcoin as legal tender, I have always recognized the potential of crypto and its benefits on a global scale,” the president’s account stated in the X post.
Memecoin Gains Traction Despite Uncertainty
Dubbed “the official meme of the Central African Republic,” the CAR memecoin has already gained significant momentum in the market. Listed on Solana’s pump.fun launchpad, the token surged to $0.41 with a market cap of $419 million before settling at around $374.4 million by early Monday ET.
Adding to the hype, a follow-up social media post included a video announcement purportedly featuring President Touadéra himself, further cementing the government’s involvement in the project.
Despite its rapid ascent, the memecoin’s dedicated X account and website domain were suddenly suspended, fueling speculation over whether the project faces censorship or internal complications. President Touadéra’s official X account stated that the team is actively working with the platforms to restore the accounts.
Crypto Community Reacts to CAR’s Bold Move
The launch of the Central African Republic’s memecoin has sparked a frenzy of reactions across the crypto space, with traders and enthusiasts weighing in on what this means for both state-backed crypto initiatives and the memecoin market.
Many were stunned by the move, with @cryptokaren_sol commenting,
“Even entire countries now use pumpfun to launch their own coin? Interesting times ahead.”
Some saw a potential upside, like @michaelgeecode, who surprisingly stated,
“First time don’t mind to be rugged if all the money goes to Central African Republic to build hospitals, schools, food for people.”
Others, however, were far more skeptical. @ninja_writer21 took a jab at the project, tweeting,
“Lmao, we got the President of the Central African Republic rug an entire country.”
