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 remai
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Author: Ronaldo Marquez
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