Central African Republic Launches Memecoin to Attract Investment

BREAKING NEWSFebruary 11, 2025 at 4:23 PM UTC

TLDR

The Central African Republic (CAR) has launched a memecoin, CAR Meme, in a bid to attract investment
The initiative follows previous attempts to integrate cryptocurrency into the nation’s economy
The CAR Meme, created on the Solana blockchain, is positioned as the country’s official memecoin

The Central African Republic (CAR) has launched a memecoin, CAR Meme, in a bid to attract investment and support economic development. The initiative, backed by President Faustin-Archange Touadéra, follows previous attempts to integrate cryptocurrency into the nation’s economy, including the adoption of Bitcoin as legal tender in 2022 and the launch of Sango Coin, which offered citizenship and land investment opportunities.

The CAR Meme, created on the Solana blockchain, is positioned as the country’s official memecoin. President Touadéra stated that the token will support initiatives in education, infrastructure, and financial inclusion.

Despite initial enthusiasm, CAR Meme lost nearly 90% of its value after launch, trading at $0.03 on Tuesday. The memecoin's launch coincides with a global trend, with figures like former U.S. President Donald Trump also introducing memecoins.

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Key Takeaways

CAR’s economy, valued at $3 billion, remains underdeveloped despite rich gold and diamond reserves. The memecoin is an unconventional approach to attracting investment. The country’s prior Sango Coin project failed to gain traction, raising concerns about the feasibility of government-backed crypto ventures. Memecoins are highly speculative assets, with past examples like Trump’s token experiencing extreme volatility. The long-term impact of CAR Meme remains uncertain as investors weigh risks against potential gains.

Central African Republic

Memecoin

Solana

Cryptocurrency

Digital Currency

Virtual Asset