In a bold move aimed at revitalizing its struggling economy, the Central African Republic (CAR) has launched a new crypto, dubbed “CAR Meme.”
This initiative, spearheaded by President Faustin-Archange Touadéra, a former mathematics professor, seeks to attract much-needed investment to the nation, which has faced “years of neglect from the international community.”
From Bitcoin To Memecoins
CAR, a landlocked country with a population of approximately 5 million, made headlines in 2022 when it became the second nation globally, after El Salvador, to adopt Bitcoin as legal tender.
Following this significant step, the government introduced Sango Coin, a crypto that offered investors pathways to citizenship, land ownership, and access to the nation’s abundant natural resources. However, decades of conflict have left CAR’s considerable reserves of gold and diamonds “largely untapped.”
The launch of CAR Meme comes at a time when the global landscape for crypto, particularly memecoins, is rapidly evolving. These digital assets often lack intrinsic value, yet they attract considerable attention and investment.
President Touadéra expressed optimism about the new cryptocurrency, stating that it had garnered “thousands of supporters” both within CAR and internationally. According to his recent post on X (formerly Twitter), the CAR Meme is the official memecoin of the nation and is built on the Solana blockchain.
CAR’s Crypto Plummets Nearly 90%
Despite the initial enthusiasm, CAR Meme experienced significant volatility, trading at $0.03 on the Jupiter crypto trading platform just days after its launch, having plummeted nearly 90% in value. However, Touadéra remains hopeful about the potential of the CAR Meme to drive positive change in the country.
The President emphasized the government’s ambition to leverage blockchain technology to promote long-term growth in various sectors, including education, infrastructure, and financial inclusion. “We’ve already begun to explore new opportunities to use memecoin to promote real change,” he noted.
The proliferation of memecoins is not limited to CAR. Notably, former US President Donald Trump and his wife Melania launched their own memecoins earlier this year, also built on the Solana blockchain.
Trump’s official memecoin saw a peak valuation exceeding $14 billion, while Melania’s reached $2.1 billion before both experienced significant declines in value.
As illustrated in the daily chart above, the TRUMP memecoin is currently trading at $15.27, indicating a significant 79% decrease from its peak of $73.43, which was attained swiftly on January 19.
Moreover, its trading volume, based on CoinGecko data, has significantly decreased since the initial days of its official launch, showing nearly $800 million in volume within the last 24 hours, indicating a 20% decline.
Featured image from DALL-E, chart from TradingView.com
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