Central African Republic Launches $CAR: A Meme Coin for National Pride
In an unexpected foray into digital assets, the Central African Republic has introduced CAR, a national meme coin aimed at promoting economic growth and bolstering its global image. But with controversy swirling, is this truly a step forward, or a miscalculated gamble?
President Faustin-Archange Touadéra took to X to celebrate CAR as an experiment in community building, claiming that the meme coin could bring people together. And for a moment, it looked promising—trading platforms showed the token nearly hitting $1. But then came the crash. In just a short time, CAR’s value tumbled over 90%, sinking to $0.03.
Today, I stand before you once again with a message of gratitude. The launch of CAR has been a success! I want to personally thank each and every one of you, our community, our supporters, and those who believe in our vision. We are building for the long term!
Touadéra declared—just before the token took a nosedive.
The CAR meme coin’s nosedive has fueled accusations of fraud, with frustrated users speculating about a possible government scam or security breach. Many pointed to the president’s video announcement, calling it suspiciously deepfake-like. The chaos only intensified when the official website suddenly went dark, and the project’s X account was locked. While the account is back online, the website is still nowhere to be found.
Check this out: Just a Joke? What Are Memecoins vs Memestocks?
Cybersecurity analysts have flagged malicious links on the project's official resources, including phishing sites disguised as trading platforms. The most alarming discovery? A fake Safeguard bot, which experts warn was explicitly designed to steal users’ cryptocurrency. Traders are now being urged to remain vigilant when dealing with this token.
The Central African Republic became the second country in the world, following El Salvador, to officially recognize Bitcoin as legal tender. Yet, despite its embrace of digital assets, CAR remains among the world’s poorest nations.
Hoping to attract foreign capital, the government proposed granting citizenship to investors who contributed over $60,000 in cryptocurrency. However, the initiative was ultimately blocked by the Supreme Court for being unconstitutional.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
